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What changed in ACADIA REALTY TRUST's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of ACADIA REALTY TRUST's 2023 and 2024 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 2024 report.

+282 added−316 removedSource: 10-K (2025-02-14) vs 10-K (2024-02-16)

Top changes in ACADIA REALTY TRUST's 2024 10-K

282 paragraphs added · 316 removed · 145 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

22 edited+3 added−1 removed48 unchanged
Biggest changeIn the event of a bankruptcy of an entity in which we have a preferred equity interest, or in which the borrower has pledged its interest, the assets of the entity may not be sufficient to satisfy our investment. 19 RISKS RELATED TO LITIGATION, EN VIRONMENTAL MATTERS AND GOVERNMENTAL REGULATION We are exposed to possible liability relating to environmental matters.
Biggest changeIn the event of a bankruptcy of an entity in which we have a preferred equity interest, or in which the borrower has pledged its interest, the assets of the entity may not be sufficient to satisfy our investment.
If any of the above events occur, the development and construction of properties may hinder our growth and could have an adverse effect on our financial condition, cash flows and results of operations. In addition, new development and construction activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management.
If any of the above events occur, the development and construction of properties may hinder our growth and could have an adverse effect on our financial condition, cash flows and results of operations. In addition, new development and construction activities typically require substantial time and attention from management, regardless of whether or not they are ultimately successful.
The economic performance and value of our other investments, which we do not control and are in retail operations, 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.
The 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.
Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition, cash flows and results of operations. We carry comprehensive general liability, all-risk property, extended coverage, loss of rent insurance, and environmental liability on our properties, with policy specifications and insured limits customarily carried for similar properties.
Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition, cash flows and results of operations. We carry comprehensive general liability, all-risk property, extended coverage, loss of rent, and environmental liability insurance on our properties, with policy specifications and insured limits customarily carried for similar properties.
Additionally, the development and acquisition of such properties entails risks that include the following, any of which could adversely affect our financial condition, cash flows, results of operations, and our ability to meet our debt obligations and make distributions to shareholders: • The property may fail to achieve the returns we have projected, either temporarily or for extended periods; • We may not be able to identify suitable properties to acquire or may be unable to complete the acquisition of the properties we identify; • We may not be able to integrate an acquisition into our existing operations successfully; • Properties we redevelop or acquire may fail to achieve the occupancy or rental rates we project or within the time frames we project which may result in the properties’ failure to achieve the returns we projected; • Our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs until after the property is acquired, which could significantly increase our total acquisition costs or decrease cash flow from the property; and • Our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost.
Additionally, the development and acquisition of such properties entails risks that include the following, any of which could adversely affect our financial condition, cash flows, results of operations, and our ability to meet our debt obligations and make distributions to shareholders: • The property may fail to achieve the returns we have projected, either temporarily or for extended periods; • We may not be able to identify suitable properties to acquire or may be unable to complete the acquisition of the properties we identify; • We may not be able to successfully integrate an acquisition into our existing operations; • Properties we redevelop or acquire may fail to achieve the occupancy or rental rates we project within the time frames we project or at all, which may result in the properties’ failure to achieve the returns we projected; • Our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs until after the property is acquired, which could significantly increase our total acquisition costs or decrease cash flow from the property; and • Our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost.
Should an uninsured loss or a loss in excess of insured limits occur, we could lose capital invested in a property, as well as the anticipated future revenues from a property, while remaining obligated for any mortgage indebtedness or other financial obligations related to the property.
Should an uninsured loss or a loss in excess of insured limits occur, we could lose capital invested in a property, as well as the anticipated future revenues from a property, while remaining obligated for any property mortgage loans or other financial obligations related to the property.
Any loss of these types could adversely affect our financial condition, cash flows and results of operations. 20 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. 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.
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 our Fund platform.
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.
Because the Operating Partnership is the sole general partner or managing member of our Funds and earns promote distributions or fees for asset management, property management, construction, development, leasing, and legal services, such a situation would also adversely impact the amount of or ability to earn such promotes or fees.
Because the Operating Partnership is the sole general partner or managing member of our Funds and earns Promote distributions or fees for asset management, property management, construction, development, leasing, and legal services from Investment Management, such a situation would also adversely impact the amount of or ability to earn such Promote distributions or fees.
Epidemics, pandemics, or other public health crises, including the COVID-19 Pandemic, that impact economic and market conditions, particularly in the markets where our properties are located, and preventative measures taken to alleviate their impact, may have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, liquidity, and ability to access capital markets and satisfy debt service obligations.
Epidemics, pandemics, or other public health crises, that impact economic and market conditions, particularly in the markets where our properties are located, and preventative measures taken to alleviate their impact, may have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, liquidity, and ability to access capital markets and satisfy debt service obligations.
Historically, a component of our growth strategy has been through private-equity type investments made through our RCP Venture, which have included investments in operating retailers. The inability of such retailers to operate profitably would have an adverse impact on income realized from these investments.
Historically, a component of our growth strategy has been through private-equity type investments, which have included investments in operating retailers. The inability of such retailers to operate profitably would have an adverse impact on income realized from these investments.
Actual or perceived threats associated with epidemics, pandemics or other public health crises, including the COVID-19 Pandemic, have had and could continue to have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity, and ability to access the capital markets and satisfy debt service obligations.
Actual or perceived threats associated with epidemics, pandemics or other public health crises, have had and could continue to have a material adverse effect on our and our tenants’ businesses, financial condition, results of operations, cash flow, liquidity, and ability to access the capital markets and satisfy debt service obligations.
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. 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.
Interest expense on our variable-rate debt as of December 31, 2023 would increase by approximately $4.3 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, 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.
Item 1. Business — Investing Activities– Funds–Development Activities. As opportunities arise, we may delay construction until sufficient pre-leasing is reached, and financing is in place.
Item 1. Business — Investing Activities– Investment Management–Development Activities. As opportunities arise, we may delay construction until sufficient pre-leasing is reached, and financing is in place.
Such restrictions may also affect customer behavior longer term by, among other things, creating a preference for e-commerce, discussed further in our risk factors above.
Such restrictions may also affect customer behavior in the long term by, among other things, creating a preference for e-commerce, as discussed further in our risk factors above.
Historically, Fund I, Mervyns I and Fund III have provided Promote income. 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 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.
This in turn could adversely affect our financial condition, cash flows and ability to make distributions to our shareholders. 18 Although approximately 77.3% of our outstanding debt has fixed or effectively fixed interest rates, we also borrow funds at variable interest rates.
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.
As of December 31, 2023, our outstanding indebtedness was $ 1,881.1 million, of which $426.4 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, 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.
Furthermore, if we were unable to obtain sufficient investor capital commitments in order to initiate future Funds, or other sources of strategic capital, our current growth strategy would be adversely impacted.
Furthermore, if we were unable to obtain sufficient investor capital commitments, or other sources of strategic capital, our current growth strategy would be adversely impacted.
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. 16 Additionally, the time frame required for development, construction and lease-up of these properties means that we may not realize 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. 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.
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. 17 Our real estate assets may be subject to impairment charges.
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.
Removed
As a result of LIBOR being discontinued, our LIBOR-based borrowings and hedges were converted to the Secured Overnight Financing Rate (“SOFR”). The discontinuation of LIBOR did not affect our ability to borrow or maintain already outstanding borrowings. Higher average interest rates resulted in higher interest expense and payments under our debt agreements.
Added
Our investments may also include contractual payment-in-kind (“PIK”) interest arrangements, which typically represents contractual interest added to a loan balance and due at the end of such loan's term.
Added
Higher interest rates of PIK instruments reflect the payment deferral, which may result in a higher principal amount at the maturity of the instrument as compared to the original principal amount of the instrument.
Added
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

25 edited+7 added−119 removed23 unchanged
Biggest changeMichigan 91.9 % 50.0 6.50 % Dec 2026 3104 M Street (b) 20.0 % 0.8 8.50 % Jan 2027 Wood Ridge Plaza 18.1 % 6.1 7.20 % Mar 2027 La Frontera 18.1 % 10.0 6.11 % Jun 2027 Riverdale 18.0 % 6.9 7.28 % Nov 2027 Georgetown 50.0 % 7.2 4.72 % Dec 2027 Mohawk Commons 18.1 % 7.2 5.80 % Mar 2028 Shoppes at South Hills (c) 18.1 % 5.8 5.95 % Mar 2028 Total $ 188.8 a) Effective interest rates incorporate the effect of interest rate swaps and caps that were in effect at December 31, 2023, where applicable. b) The debt has two available 12-month extension options. c) The debt has one available 12-month extension option. 54 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”.
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 ).
We believe the following critical accounting policies affect the significant judgments and estimates used by us in the preparation of our Consolidated Financial Statements.
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 consolidate those joint ventures that we control or which are variable interest entities (each, a "VIE") and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating.
We consolidate those joint ventures that we control or which are variable interest entities (each, a “VIE”) and where we are considered to be the primary beneficiary. In all these joint ventures, the rights of the joint venture partner are both protective as well as participating.
Through this program, we have been able to effectively “match-fund” the required capital for our Core Portfolio and Fund 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 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.
Common Share Issuances 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.
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.
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 Fund acquisitions, and for general corporate purposes.
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.
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 our Funds, (iv) investments of strategic capital (v) future sales of existing properties, (vi) repayments of structured financing investments, 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, (vi) liquidation of marketable securities, and (vii) cash on hand and future cash flow from operating activities.
During 2023 and 2022, the Company recognized impairment charges on properties of $3.7 million and $33.3 million, respectively. See Note 8 for a discussion of impairments recognized during the periods presented.
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.
Share Repurchase Program We maintain a share repurchase program under which $122.5 million remains available as of December 31, 2023 ( Note 10 ). The Company did not repurchase any of its Common Shares under this program during the year ended December 31, 2023.
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.
In addition, at that date within our Core and Fund portfolios, we had 92 unleveraged consolidated properties with an aggregate carrying value of approximately $1.8 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 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.
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, 2023 Investment Ownership Percentage Pro-rata Share of Mortgage Debt Effective Interest Rate (a) Maturity Date Gotham 49.0 % $ 8.5 8.36 % Mar 2024 Eden Square 20.8 % 5.0 7.60 % Sep 2024 Crossroads 49.0 % 29.1 3.94 % Oct 2024 Tri City Plaza (c) 18.1 % 6.9 3.04 % Oct 2024 Frederick Crossing (c) 18.1 % 4.3 3.27 % Dec 2024 Paramus Plaza (b) 11.6 % 3.2 7.69 % Dec 2024 Frederick County Square (c) 18.1 % 4.2 5.49 % Jan 2025 650 Bald Hill 20.8 % 3.2 3.75 % Jun 2026 Renaissance (b) 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, 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.
Our cash on hand in our consolidated subsidiaries at December 31, 2023 totaled $17.5 million. Our remaining sources of liquidity are described further below.
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.
HISTORICAL CASH FLOW Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 The following table compares the historical cash flow for the year ended December 31, 2023 with the cash flow for the year ended December 31, 2022 (in millions, totals may not add due to rounding): Year Ended December 31, 2023 2022 Variance Net cash provided by operating activities $ 155.8 $ 133.2 $ 22.6 Net cash used in investing activities (208.5 ) (124.2 ) (84.3 ) Net cash provided by (used in) financing activities 45.9 (4.4 ) 50.3 Changes in cash, cash equivalents and restricted cash $ (6.9 ) $ 4.7 $ (11.6 ) 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, 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.
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. 56 ITEM 7A. QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK.
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.
OFF-BALANCE SHEET ARRANGEMENTS 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 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.
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.
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.
Our financing activities provided $50.3 million more cash during the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily from (i) $145.4 million more cash received in proceeds from debt, (ii) $48.3 million less cash used for distributions to noncontrolling interests, (iii) $24.3 million less cash used for the acquisition of noncontrolling interests, and (iv) $5.3 million from lower financing costs.
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.
As of December 31, 2023, we still held 1.4 million shares of Albertsons which had a fair value of $33.3 million. In January 2024, we sold an additional 175,000 shares of Albertsons, generating net proceeds of $4.0 million ( Note 17 ).
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 ).
Our investing activities used $84.3 million more cash for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to (i) $224.6 million less cash received from the disposition of properties, (ii) $33.3 million less cash received from return of capital from unconsolidated affiliates, (iii) $29.5 million less cash received from repayment of notes receivable, and (iv) $18.5 million more cash used in development, construction, and property improvements.
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.
Fund Capital During the year ended December 31, 2023, Funds IV and V called for capital contributions of $74.8 million, of which our aggregate share was $15.5 million. At December 31, 2023, unfunded capital commitments from noncontrolling interests within our Funds II, III, IV and V were zero, $1.4 million, $20.4 million, and $90.0 million, respectively.
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.
Our operating activities provided $22.6 million more cash for the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to the $28.2 million dividend received from our investment in Albertsons in 2023, offset by higher payments of interest in 2023. 53 Investing Activities Net cash used in investing activities is impacted by our investments in and advances to unconsolidated affiliates, the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period.
Investing Activities Net cash used in investing activities is impacted by our investments in and advances to unconsolidated affiliates, the timing and extent of our real estate development, capital improvements, and acquisition and disposition activities during the period.
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.
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 and Debt As of December 31, 2023, we had $106.1 million of additional capacity under existing consolidated Core and Fund revolving debt facilities.
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.
Investments During the year ended December 31, 2023, Fund V acquired two consolidated properties and one unconsolidated property totaling $189.3 million, inclusive of transaction costs ( Note 2 , Note 4 ).
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 ).
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, 2023, we completed two 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 ).
If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off.
Removed
Risk Factors . 43 SIGNIFICANT DEVELOPMENTS DURING THE year ended December 31, 2023 AND SUBSEQUENT EVENTS Investments During the year ended December 31, 2023, Fund V acquired two consolidated properties and one unconsolidated property totaling $189.3 million, inclusive of transaction costs, as described below ( Note 2 , Note 4 ). • On January 27, 2023, Fund V acquired a 90% interest in an unconsolidated venture for $20.2 million, which purchased a shopping center, Mohawk Commons, located in Schenectady, New York, for $62.1 million, inclusive of transaction costs.
Added
During the year ended December 31, 2024, we issued Common Shares through the following public offerings and our ATM Program: ($ 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.
Removed
In addition, the Mohawk Commons venture entered into a $39.7 million mortgage loan. • On July 3, 2023, Fund V acquired a shopping center, Cypress Creek, located in Tampa, Florida, for $49.4 million, inclusive of transaction costs. • On November 27, 2023, Fund V acquired a shopping center, Maple Tree Place, located in Williston, Vermont, for $77.8 million, inclusive of transaction costs.
Added
(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.
Removed
On January 20, 2023, through Mervyns II, we received a special cash dividend of $28.2 million from our investment in Albertsons, of which our share was $11.3 million.
Added
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
Additionally, following the expiration of the lock-up period and distribution of 2.5 million shares of Albertsons to our partners, we received 1.6 million shares of Albertsons ( Note 4 , Note 8 ). During the year ended December 31, 2023, we sold 200,000 shares of Albertsons, generating net proceeds of $4.6 million.
Added
(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
Financing Activity During the year ended December 31, 2023, we effected the following financing activities ( Note 7 , Note 4 ): • entered into a new Fund mortgage of $32.2 million; • modified and extended five Fund mortgages totaling $150.8 million (excluding principal reductions of $2.7 million); • refinanced four Fund mortgages totaling $111.4 million; • repaid a Fund mortgage totaling $5.8 million at maturity; • modified the Fund IV bridge loan with an outstanding balance of $36.2 million (excluding principal reductions of $3.0 million); • modified and extended five mortgages at unconsolidated properties totaling $271.6 million and restructured a $73.5 million mortgage at an unconsolidated property; • through Fund V, entered into a new mortgage at an unconsolidated property for $39.7 million, refinanced a $31.8 million unconsolidated mortgage loan; • through Fund V, modified its subscription line and extended the maturity date to February 28, 2024; and • made principal payments of $7.7 million.
Added
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
On July 15, 2023, the 146 Geary Street, Fund IV non-recourse mortgage loan with an outstanding balance of $19.3 million, or $4.5 million at the Company’s share, matured with no further extension options and was in default ( Note 7 ). The property securing the mortgage was a vacant building located in San Francisco, California.
Added
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.
Removed
The loan accrued default interest at a rate of 4.00% per annum in excess of the interest rate of SOFR + 3.65%. On October 27, 2023, the Company completed the transfer of the property to its lender through a deed-in-lieu of foreclosure and derecognized the mortgage loan as it had no continuing obligations.
Added
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”.
Removed
The Company had previously impaired the asset, and recorded an impairment charge of $3.7 million, or $0.9 million at the Company’s share, related to the change in estimated value and holding period of the asset for the year ended December 31, 2023 ( Note 8 ).
Removed
In January 2024, through Fund V, made a $3.8 million principal payment on a mortgage loan ( Note 17 ). 44 Structured Financing Investments During the year ended December 31, 2023, we originated a Core Portfolio note for $1.4 million collateralized by our venture’s partner’s interest in 840 N. Michigan Avenue.
Removed
We also funded $5.3 million of a $12.8 million construction loan commitment to an unconsolidated venture ( Note 4 ). Through Fund V, we refinanced a $31.7 million bridge loan at an unconsolidated property that was originated by Fund V at acquisition with a new mortgage loan at an unconsolidated property.
Removed
Common Share Issuances In January 2024, we completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million ( Note 17 ).
Removed
We intend to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, the repayment of outstanding indebtedness, funding future acquisitions, working capital and other general corporate purposes. During the year ended December 31, 2023, we did not sell any shares under our ATM program.
Removed
Inflation The year ended December 31, 2023 was impacted by significant volatility in global markets, largely driven by rising inflation, rising interest rates, slowing economic growth, geopolitical uncertainty and instability in the banking sector following multiple bank failures.
Removed
Except for increased interest costs, we have not experienced any material negative impacts at this time and we intend to actively manage our business to respond to the ongoing economic and social impact from such events.
Removed
The rate hikes enacted by the Federal Reserve have had a significant impact on interest rate indexes such as SOFR and the Prime Rate and cost of borrowing. We manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements.
Removed
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. Most of our leases require tenants to pay their share of operating expenses, including real estate taxes, insurance, utilities, and common area maintenance of the shopping centers.
Removed
These provisions are designed to partially mitigate the impact of inflation. We also continue to see consumer confidence and we expect to continue to add value to our portfolio by executing on our current leasing momentum, our active development and redevelopment projects, and leasing pipeline. Tenant Bankruptcy On April 23, 2023, Bed Bath and Beyond, Inc.
Removed
(“Bed Bath and Beyond”) filed for Chapter 11 bankruptcy protection. Bed Bath and Beyond had leases at two locations within our Core Portfolio and three locations in our Fund Portfolio, with aggregate GLA of 124,432 square feet and 59,391 square feet, representing 2.1% and 0.7% of Core and Fund GLA, respectively.
Removed
In our Core Portfolio, we recaptured and re-leased one of the spaces to an existing tenant that is expanding a flagship store under a new 15-year lease. We are actively seeking a tenant for the remaining Core Portfolio location.
Removed
In our Fund Portfolio, one lease was assumed by a new tenant and we have regained possession of the other two locations; we have one signed lease and identified future tenants at these two Fund locations.
Removed
As a result of the bankruptcy filing, during the year ended December 31, 2023, we accelerated the amortization of the below-market lease intangibles of $8.1 million related to the Bed Bath and Beyond lease terminations.
Removed
We did not experience any material negative impacts on our cash flows or property values as a result of the bankruptcy. 45 RESULTS OF OPERATIONS See Note 12 in the Notes to Consolidated Financial Statements for an overview of our three reportable segments.
Removed
Comparison of Results for the Year Ended December 31, 2023 to the Year Ended December 31, 2022 The results of operations by reportable segment for the year ended December 31, 2023 compared to the year ended December 31, 2022 are summarized in the table below (in millions, totals may not add due to rounding): Year Ended Year Ended December 31, 2023 December 31, 2022 Increase (Decrease) Core Funds SF Total Core Funds SF Total Core Funds SF Total Total revenues $ 203.5 $ 135.1 $ — $ 338.7 $ 202.5 $ 123.7 $ — $ 326.3 $ 1.0 $ 11.4 $ — $ 12.4 Depreciation and amortization expenses (76.6 ) (59.3 ) — (136.0 ) (75.6 ) (60.3 ) — (135.9 ) 1.0 (1.0 ) — 0.1 General and administrative expenses — — — (41.5 ) — — — (44.1 ) — — — (2.6 ) Property operating expenses, other operating and real estate taxes (64.4 ) (44.1 ) — (108.5 ) (60.3 ) (41.6 ) — (101.9 ) 4.1 2.5 — 6.6 Impairment charges — (3.7 ) — (3.7 ) — (33.3 ) — (33.3 ) — (29.6 ) — (29.6 ) Gain on disposition of properties — — — — 7.2 49.9 — 57.2 (7.2 ) (49.9 ) — (57.2 ) Operating income 62.5 28.0 — 49.1 73.9 38.4 — 68.2 (11.4 ) (10.4 ) — (19.1 ) Equity in earnings (losses) of unconsolidated affiliates 2.7 (10.4 ) — (7.7 ) (45.9 ) 13.0 — (32.9 ) 48.6 (23.4 ) — 25.2 Interest income — — 20.0 20.0 — — 14.6 14.6 — — 5.4 5.4 Realized and unrealized holding gains (losses) on investments and other 5.8 25.0 (0.3 ) 30.4 1.2 (35.6 ) (0.6 ) (35.0 ) 4.6 60.6 0.3 65.4 Interest expense (44.5 ) (48.7 ) — (93.3 ) (37.9 ) (42.3 ) — (80.2 ) 6.6 6.4 — 13.1 Income tax provision — — — (0.3 ) — — — — — — — (0.3 ) Net income (loss) 26.5 (6.1 ) 19.7 (1.7 ) (8.8 ) (26.4 ) 14.0 (65.3 ) 35.3 20.3 5.7 63.6 Net loss attributable to redeemable noncontrolling interests — 8.2 — 8.2 — 5.5 — 5.5 — (2.7 ) — (2.7 ) Net (income) loss attributable to noncontrolling interests (1.9 ) 15.3 — 13.4 1.0 23.3 — 24.3 2.9 8.0 — 10.9 Net income (loss) attributable to Acadia $ 24.6 $ 17.4 $ 19.7 $ 19.9 $ (7.8 ) $ 2.4 $ 14.0 $ (35.4 ) $ 32.4 $ 15.0 $ 5.7 $ 55.3 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 increased $32.4 million for the year ended December 31, 2023 compared to the prior year as a result of the changes further described below.
Removed
Revenues for our Core Portfolio increased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) a $7.8 million acceleration of a below market lease for a bankrupt tenant, (ii) $6.0 million from lease up within the Core Portfolio, and (iii) a $2.8 million increase from Core Portfolio property acquisitions in 2022 ( Note 2 ).
Removed
These increases were offset by (i) $7.2 million from vacating tenants, (ii) $3.2 million from additional termination income received in 2022, (iii) a $3.2 million increase associated with revenues deemed uncollectible in 2023, and (iv) $1.2 million from Core property dispositions in 2022.
Removed
Depreciation and amortization for our Core Portfolio increased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to Core Portfolio acquisitions in 2022.
Removed
Property operating expenses, other operating and real estate taxes for our Core Portfolio increased $4.1 million for the year ended December 31, 2023 compared to the prior year primarily due to an increase in non-recurring repairs and maintenance, utility and insurance costs in 2023.
Removed
The gain on disposition of properties for our Core Portfolio of $7.2 million for the year ended December 31, 2022 primarily relates to the sale of 330-340 River Street ( Note 2 ).
Removed
Equity in (losses) earnings of unconsolidated affiliates for our Core Portfolio increased $48.6 million for the year ended December 31, 2023 compared to the prior year primarily due to the Company’s $50.8 million proportionate share of an impairment charge at 840 N.
Removed
Michigan Avenue in 2022 ( Note 4 ). 46 Interest expense for our Core Portfolio increased $6.6 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) $6.1 million from higher average outstanding borrowings in 2023, and (ii) $1.8 million from higher average interest rates in 2023.
Removed
These increases were partially offset by $1.1 million from higher capitalized interest in 2023.
Removed
Realized and unrealized holding gains (losses) on investments and other for our Core Portfolio includes (i) a $5.2 million mark-to-market adjustment on the Investment in Albertsons in 2023, and (ii) a $1.2 million bargain purchase gain on the acquisition of the Williamsburg Collection in 2022 ( Note 2 ).
Removed
In January 2023, following the expiration of the lock-up period and distribution of approximately 2.5 million shares by Mervyns II to its partners, the Company received 1.6 million shares of Albertsons, of which 1.4 million shares are included in the Core portfolio following the sale of 200,000 shares in 2023 ( Note 4 , Note 8 ).
Removed
Net loss attributable to noncontrolling interests for our Core Portfolio increased $2.9 million for the year ended December 31, 2023 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above.
Removed
Funds The results of operations for our Funds segment are depicted in the table above under the headings labeled “Funds.” Segment net income attributable to Acadia for the Funds increased $15.0 million for the year ended December 31, 2023 compared to the prior year as a result of the changes described below.
Removed
Revenues for the Funds increased $11.4 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) $9.0 million from new tenant lease up in 2022 and 2023, (ii) $4.3 million from Fund property acquisitions in 2023, and (iii) $2.0 million from settlement income related to a tenant.
Removed
These increases were offset by (i) $4.1 million from Fund property dispositions in 2022 ( Note 2 ). Depreciation and amortization for the Funds decreased $1.0 million for the year ended December 31, 2023 compared to the prior year primarily due to Fund property dispositions in 2022 ( Note 2 ).
Removed
Impairment charges for the Funds decreased $29.6 million for the year ended December 31, 2023 compared to the prior year ( Note 8 ). Impairment charges totaled $3.7 million during 2023 for the Funds related to 146 Geary Street in Fund IV. Impairment charges totaled $33.3 million during 2022 for the Funds related to 146 Geary Street and 717 N.
Removed
Michigan Avenue in Fund IV. Property operating expenses, other operating and real estate taxes for the Funds increased $2.5 million for the year ended December 31, 2023 compared to the prior year primarily due to an increase in non-recurring repairs and maintenance, utility and insurance costs in 2023.
Removed
Gain on disposition of properties for the Funds decreased $49.9 million for the year ended December 31, 2023 compared to the prior year due to the sales of Cortlandt Crossing at Fund III, Lincoln Place, Mayfair, Dauphin and Wake Forest Crossing in Fund IV ( Note 2 ).
Removed
Equity in (losses) earnings of unconsolidated affiliates for the Funds decreased $23.4 million for the year ended December 31, 2023 compared to the prior year due to new unconsolidated Fund acquisitions in 2022 and 2023 ( Note 4 ) and the $12.8 million gain on sale of Promenade at Manassas in 2022.
Removed
Interest expense for the Funds increased $6.4 million for the year ended December 31, 2023 compared to the prior year primarily due to $17.3 million from higher average interest rates in 2023 offset by $9.0 million from lower average outstanding borrowings in 2023 and $1.9 million from higher capitalized interest in 2023.
Removed
Realized and unrealized holding gains (losses) on investments and other for the Funds increased $60.6 million for the year ended December 31, 2023 compared to the prior year primarily due to (i) a $28.2 million increase in dividend income from Albertsons in 2023 and (ii) a $38.9 million decrease in the mark-to-market adjustment on the Investment in Albertsons in 2022, offset by (i) a $2.0 million decrease in the mark-to-market adjustment on the Investment in Albertsons in 2023, and (ii) a $1.4 million distribution from the Storage Post Management Company in 2022.
Removed
( Note 4 ). Net loss attributable to redeemable noncontrolling interests for the Funds increased $2.7 million for the year ended December 31, 2023 compared to the prior year due to the City Point Loan in 2022 ( Note 10 ).
Removed
Net loss attributable to noncontrolling interests for the Funds increased $8.0 million for the year ended December 31, 2023 compared to the prior year based on the noncontrolling interests’ share of the variances discussed above.
Removed
Net loss attributable to noncontrolling interests in the Funds 47 includes asset management fees earned by the Company of $7.2 million and $9.5 million for the years ended December 31, 2023 and 2022, respectively.
Removed
Structured Financing The results of operations for our Structured Financing segment are depicted in the table above under the headings labeled “SF.” Interest and other income for the Structured Financing portfolio increased $5.4 million for the year ended December 31, 2023 compared to the prior year period primarily due to the City Point Loan in 2022 ( Note 10 ).
Removed
Unallocated The Company does not allocate general and administrative expense and income taxes to its reportable segments.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

8 edited+0 added−1 removed9 unchanged
Biggest changeWe continuously evaluate if we have adequate controls in place utilizing a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework. Our daily operations are monitored by a dedicated information technology team.
Biggest changeIn response to such assessments, controls are embedded into our processes and technology by our Vice President of Information Technology to seek to mitigate risks to our systems and processes from cybersecurity incidents. We continuously evaluate if we have adequate controls in place utilizing a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework.
ITEM 1C. CYBERSECURITY . Governance Cybersecurity is an integral part of the Board’s risk analysis and discussions with management. At least annually, the full Board is updated on the Company’s cybersecurity risks and risk mitigation strategy by our Vice President of Information Technology, who is responsible for management of our Information Technology program.
ITEM 1C. CYBERSECURITY . Governance Cybersecurity is an integral part of the Board’s risk analysis and discussions with management. At least annually, the full Board is updated on the Company’s cybersecurity risks and risk mitigation strategy by our Vice President of Information Technology, who is responsible for management of our IT program.
In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology, Director of Risk Management and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan.
In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan.
This annual training is customized to address specific cybersecurity challenges and scenarios that we may face within the real estate investment industry. Novel cybersecurity threats to the Company that are identified by our Information Technology team are communicated to all employees by email, as needed, in an effort to promote awareness and protect the Company from cyber attacks.
This annual training is customized to address specific cybersecurity challenges and scenarios that we may face within the real estate investment industry. Novel cybersecurity threats to the Company that are identified by our IT team are communicated to all employees by email, as needed, in an effort to promote awareness and protect the Company from cyber attacks.
Our Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience in their respective fields, and our Vice President of Information Technology 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.
Our 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.
For more information, please see Item 1A. Risk Factors - Increased Information Technology (“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. 30
Our Vice President of Information Technology and Director of Risk Management regularly evaluate the Company’s cybersecurity risk profile and lead the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management team.
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.
We conduct monitoring of our computer networks, and have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, including through the use of encryption and authentication technologies.
Our daily operations are monitored by a dedicated IT team. We conduct monitoring of our computer networks, and have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, including through the use of encryption and authentication technologies.
Removed
In response to such assessments, controls are embedded into our processes and technology by our Vice President of Information Technology and Director of Risk Management to seek to mitigate risks to our systems and processes from cybersecurity incidents.

Item 2. Properties

Properties — owned and leased real estate

29 edited+5 added−5 removed4 unchanged
Biggest changeThis square footage has been excluded for calculating annualized base rent per square foot. 34 The following table sets forth more specific information with respect to each of our Fund properties at December 31, 2023: 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)© Primark, Target, Basis Schools, Alamo Drafthouse, Trader Joe's 2007 58.1 % 535,817 74.0 % 83.9 % $ 16,782,168 $ 42.31 Total - Fund II 535,817 74.0 % 83.9 % $ 16,782,168 $ 42.31 Fund III Portfolio Detail New York 640 Broadway ─ 2012 24.5 % 4,637 91.6 % 91.6 % $ 1,113,528 $ 262.19 Total - Fund III 4,637 91.6 % 91.6 % $ 1,113,528 $ 262.19 Fund IV Portfolio Detail New York 801 Madison Avenue ─ 2015 23.1 % 2,522 — % — % $ — $ — 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 % 2,055,281 243.75 1035 Third Avenue (d) ─ 2015 23.1 % 7,634 100.0 % 100.0 % 1,203,962 157.71 New Jersey Paramus Plaza (e) Marshalls, Hobby Lobby, Skechers 2013 11.6 % 153,494 100.0 % 100.0 % 3,262,289 21.25 Massachusetts Restaurants at Fort Point ─ 2016 23.1 % 15,711 100.0 % 100.0 % 1,072,232 68.25 Rhode Island 650 Bald Hill Road (e) Dick's Sporting Goods, Burlington 2015 20.8 % 160,448 85.3 % 85.3 % 2,061,926 15.06 Delaware Eden Square (e) Giant Food, LA Fitness 2014 20.8 % 229,171 91.1 % 96.5 % 3,357,465 16.09 Georgia Broughton Street Portfolio (13 properties) H&M, Lululemon, Kendra Scott, Starbucks 2014 23.1 % 94,713 89.1 % 92.6 % 3,090,918 36.61 California Union and Fillmore Collection (3 properties) Eileen Fisher, Bonobos 2015 20.8 % 7,183 77.5 % 77.5 % 654,290 117.57 Total - Fund IV 686,023 90.5 % 92.8 % $ 16,758,363 $ 26.99 Fund V Portfolio Detail New Mexico Plaza Santa Fe (c) TJ Maxx, Best Buy, Ross Dress for Less 2017 20.1 % 224,152 95.1 % 95.7 % $ 4,058,309 $ 19.03 Texas Wood Ridge Plaza (e) Kirkland's, Office Depot 2022 18.1 % 213,120 90.1 % 90.1 % 4,377,879 22.80 La Frontera Village (e) Kohl's, Hobby Lobby, Burlington, Marshalls 2022 18.1 % 534,430 88.5 % 89.0 % 6,609,207 13.98 Michigan New Towne Center Kohl's, Jo-Ann's, DSW 2017 20.1 % 190,530 100.0 % 100.0 % 2,363,758 12.41 Fairlane Green TJ Maxx, Michaels, Burlington 2017 20.1 % 270,187 98.7 % 100.0 % 5,194,785 19.49 Maryland Frederick County (2 properties) (e) Kohl's, Best Buy, Ross Dress for Less 2019 18.1 % 530,816 93.7 % 94.8 % 7,696,127 15.47 Connecticut Tri-City Plaza (e) TJ Maxx, HomeGoods, ShopRite 2019 18.1 % 302,738 90.0 % 92.0 % 3,913,671 14.36 New Jersey Midstate ShopRite, Best Buy, DSW, PetSmart 2021 20.1 % 388,616 86.5 % 94.2 % 6,456,914 19.21 New York Shoppes at South Hills (e) ShopRite, At Home, Ashley Furniture 2022 18.1 % 512,218 67.0 % 74.3 % 3,990,900 11.64 Mohawk Commons (e) Lowe's, Target 2023 18.1 % 399,338 98.3 % 98.3 % 5,550,595 14.15 Pennsylvania 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 Monroe Marketplace Kohl's, Dick's Sporting Goods, Giant Food 2021 20.1 % 370,533 100.0 % 100.0 % 4,250,625 11.47 Rhode Island Lincoln Commons Stop and Shop, Marshalls, HomeGoods 2019 20.1 % 461,995 88.0 % 90.8 % 5,570,789 13.70 Vermont Maple Tree Place (f) Shaw's, Dick's Sporting Goods, Best Buy, Old Navy 2023 20.1 % 394,368 84.6 % 84.6 % 6,567,224 19.68 Virginia Landstown Commons Best Buy, Burlington, Ross Dress for Less 2019 20.1 % 380,199 96.8 % 97.2 % 7,528,566 20.46 Florida Palm Coast Landing TJ Maxx, PetSmart, Ross Dress for Less 2019 20.1 % 171,799 96.9 % 96.9 % 3,495,105 21.00 Cypress Creek (c) Hobby Lobby, Total Wine, HomeGoods 2023 20.1 % 239,656 98.5 % 98.5 % 4,919,868 20.83 North Carolina Hickory Ridge Kohl's, Best Buy, Dick's Sporting Goods 2017 20.1 % 380,565 99.3 % 99.3 % 4,742,374 12.55 Alabama Trussville Promenade Wal-Mart, Regal Cinemas 2018 20.1 % 463,681 95.8 % 96.8 % 4,279,904 9.63 Georgia Canton Marketplace Dick's Sporting Goods, TJ Maxx, Best Buy 2021 20.1 % 351,988 96.1 % 96.6 % 5,971,975 17.65 Hiram Pavilion Kohl's, HomeGoods 2018 20.1 % 362,675 99.4 % 100.0 % 4,666,300 12.94 California Elk Grove Commons Kohl's, HomeGoods 2018 20.1 % 242,078 100.0 % 100.0 % 5,312,115 21.94 Utah Family Center at Riverdale (e) Target, Home Goods, Best Buy, Sierra Trading (TJX) 2019 18.0 % 372,475 97.9 % 97.9 % 4,010,821 11.00 Total - Fund V 7,758,157 92.6 % 94.0 % $ 111,527,808 $ 15.52 TOTAL FUND PROPERTIES 8,984,634 91.4 % 93.3 % $ 146,181,867 $ 17.81 Acadia Share of Total Fund Properties 1,945,468 89.6 % 92.4 % $ 35,065,352 $ 20.13 a) Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below.
Biggest changeThe 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.
This square footage has been excluded for calculating annualized base rent per square foot. i) Anchor GLA includes a 157,616 square foot Target store that is not owned by the Company.
(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.
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.
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.
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, 2023. 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, 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.
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, 2023, 2022 or 2021.
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.
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 redevelopment properties, as of December 31, 2023.
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.
The following table sets forth certain information for our 20 largest retail tenants by base rent for leases in place as of December 31, 2023.
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.
See Note 7 for information on the mortgage debt pertaining to our properties. 31 The following table sets forth more specific information with respect to each of our Core operating properties at December 31, 2023: 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, Sprinkle, St.
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.
As of December 31, 2023, we had the following development or redevelopment projects in various stages of the development process (dollars in millions): Acadia's Pro-rata Share Property AKR Pro-rata share Location Estimated Stabilization Est.
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.
These properties are diverse in size, ranging from approximately 1,000 to 800,000 square feet and as of December 31, 2023, were 92.8% occupied and 94.8% leased (or 93.0% occupied and 95.0% leased at our pro-rata share), excluding properties under development or redevelopment.
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.
Minimum rents and expense reimbursements accounted for substantially all of our total revenues for the year ended December 31, 2023. Five of our Core Portfolio properties and four of our Fund properties are subject to long-term ground leases in which a third party owns and has leased the underlying land to us.
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.
As of December 31, 2023, we owned and operated 50 properties totaling approximately 9.0 million square feet in total (or 2.0 million square feet at our pro-rata share) of GLA in our Funds, excluding one property under development and one property under redevelopment. In addition to shopping centers, the Funds have invested in mixed-use properties, which generally include retail activities.
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.
The Fund properties are located in 19 states and the District of Columbia and, as of December 31, 2023, were 91.4% occupied and 93.3% leased (or 89.6% occupied and 92.4% leased at our pro-rata share), excluding the properties under development. Within our Core Portfolio and Funds, we had more than 1,200 retail leases as of December 31, 2023.
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.
Martens 2013 100.0 % 2,031 100.0 % 100.0 % 859,826 423.35 313-315 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 % 2,438,595 176.22 2520 Flatbush Avenue Bob's Disc.
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.
Furniture, Capital One 2014 100.0 % 29,114 100.0 % 100.0 % 1,285,105 44.14 Williamsburg Collection (d) Sephora, SweetGreen, Levain Bakery 2022 100.0 % 50,842 95.3 % 95.3 % 5,264,882 108.70 991 Madison Avenue (e) Vera Wang, Gabriela Hearst 2016 100.0 % 7,512 100.0 % 100.0 % 3,572,528 475.58 Shops at Grand Stop & Shop (Ahold), Starbucks 2014 100.0 % 99,837 100.0 % 100.0 % 3,553,548 35.59 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 Gotham Plaza (f) Bank of America, Footlocker, Apple Bank 2016 49.0 % 25,922 91.6 % 91.6 % 2,016,748 84.98 394,292 94.3 % 98.8 % 37,602,290 101.14 Los Angeles Metro 8833 Beverly Blvd Luxury Living 2022 97.0 % 9,757 100.0 % 100.0 % 1,311,046 134.37 Melrose Place Collection The Row, Chloe, Oscar de la Renta 2019 100.0 % 14,000 100.0 % 100.0 % 3,083,482 220.25 23,757 100.0 % 100.0 % 4,394,528 184.98 District of Columbia Metro 1739-53 & 1801-03 Connecticut Avenue TD Bank 2012 100.0 % 20,669 60.9 % 60.9 % 780,099 61.95 14th Street Collection (3 properties) Verizon 2021 100.0 % 19,461 62.3 % 62.3 % 1,037,040 85.54 Rhode Island Place Shopping Center Ross Dress for Less 2012 100.0 % 57,667 93.5 % 93.5 % 1,883,023 34.92 M Street and Wisconsin Corridor (27 Properties) (f)(g) Lululemon, Duxiana, Rag and Bone, Reformation, Glossier, Showfields, Alo Yoga 2011 2016 2019 24.4 % 254,942 91.3 % 94.1 % 16,719,810 71.83 352,739 88.3 % 90.3 % 20,419,972 65.58 Boston Metro 165 Newbury Street Starbucks 2016 100.0 % 1,050 100.0 % 100.0 % 312,576 297.69 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 % 121,386 89.2 % 94.4 % 4,444,837 41.07 Total Street and Urban Retail 1,470,023 89.1 % 91.7 % $ 93,032,480 $ 71.01 Acadia Share Total Street and Urban Retail 1,266,059 88.9 % 91.4 % $ 80,170,479 $ 71.26 SUBURBAN PROPERTIES New Jersey Elmwood Park Shopping Center Walgreens, Lidl, Chase Bank, City MD 1998 100.0 % 143,969 96.9 % 96.9 % $ 3,670,835 $ 26.32 Marketplace of Absecon Walgreens, Dollar Tree 1998 100.0 % 104,556 89.1 % 89.1 % 1,573,106 16.88 New York Village Commons Shopping Center Citibank, Ace Hardware 1998 100.0 % 87,128 91.1 % 93.1 % 2,736,099 34.48 Branch Plaza (e) LA Fitness, The Fresh Market 1998 100.0 % 123,345 98.8 % 98.8 % 3,551,081 29.13 Amboy Center (e) Stop & Shop (Ahold) 2005 100.0 % 63,372 92.1 % 92.1 % 2,047,298 35.07 Crossroads Shopping Center (f) HomeGoods, PetSmart, BJ's Wholesale Club 1998 49.0 % 311,528 87.5 % 90.7 % 8,567,491 31.41 New Loudon Center Price Chopper, Marshalls 1993 100.0 % 258,701 95.2 % 95.2 % 2,251,770 9.15 28 Jericho Turnpike Kohl's 2012 100.0 % 96,363 100.0 % 100.0 % 1,996,500 20.72 Bedford Green Shop Rite, CVS 2014 100.0 % 90,589 73.9 % 73.9 % 2,280,620 34.06 Connecticut Town Line Plaza (h) Wal-Mart, Stop & Shop (Ahold) 1998 100.0 % 206,346 97.2 % 98.5 % 1,811,142 17.53 Massachusetts Methuen Shopping Center Wal-Mart, Market Basket 1998 100.0 % 130,021 100.0 % 100.0 % 1,467,751 11.29 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 Crescent Plaza Home Depot, Shaw's 1993 100.0 % 218,002 98.9 % 98.9 % 2,111,087 9.80 201 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 % 2,190,988 22.03 Illinois Hobson West Plaza Garden Fresh Markets 1998 100.0 % 98,962 97.7 % 97.7 % 1,426,291 14.76 Indiana Merrillville Plaza Dollar Tree, TJ Maxx, DD's Discount (Ross) 1998 100.0 % 235,926 88.9 % 91.1 % 2,950,134 14.06 Michigan Bloomfield Town Square HomeGoods, TJ Maxx, Dick's Sporting Goods, Burlington 1998 100.0 % 234,951 99.4 % 99.4 % 4,305,998 18.44 Delaware Town Center and Other (1 property) Lowes, Dick's Sporting Goods, Target 2003 100.0 % 704,421 89.5 % 96.7 % 10,692,084 16.96 Market Square Shopping Center Trader Joe's, TJ Maxx 2003 100.0 % 102,047 98.1 % 98.1 % 3,288,210 32.83 Naamans Road (e) Jared Jewelers, American Red Cross 2006 100.0 % 19,850 63.9 % 63.9 % 705,101 55.60 Pennsylvania Mark Plaza (e) Kmart 1993 100.0 % 106,856 100.0 % 100.0 % 246,274 2.30 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 % 986,067 27.02 Abington Towne Center (i) Target, TJ Maxx 1998 100.0 % 216,871 100.0 % 100.0 % 1,312,228 22.15 Total Suburban Properties 3,910,343 94.1 % 95.9 % $ 65,327,344 $ 19.07 Acadia Share Total Suburban Properties 3,751,464 94.4 % 96.2 % $ 60,957,924 $ 18.55 Total Core Properties 5,380,366 92.8 % 94.8 % $ 158,359,825 $ 33.44 Acadia Share Total Core Properties 5,017,522 93.0 % 95.0 % $ 141,128,403 $ 31.99 a) Excludes properties under development or redevelopment, see “Development and Redevelopment Activities” section below.
Furniture, 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.
Diversey Collection (4 properties) Starbucks, TJ Maxx, J Crew Factory, Trader Joe's 2011 2012 100.0 % 53,099 78.2 % 79.9 % 1,798,496 43.29 Halsted and Armitage Collection (13 properties) Serena and Lily, Bonobos, Allbirds, Warby Parker, Marine Layer, Kiehl's 2011 2012 2019 2020 100.0 % 53,220 100.0 % 100.0 % 2,766,615 51.98 North Lincoln Park Chicago Collection (6 properties) Champion, Carhartt 2011 2014 100.0 % 49,921 67.9 % 67.9 % 1,132,561 33.39 State and Washington Nordstrom Rack, Uniqlo 2016 100.0 % 65,401 100.0 % 100.0 % 2,749,189 42.04 151 N.
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.
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 the Funds (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 (c) 1,498 92.9 % $ 60,417 $ 43.44 29.9 % 42.8 % Chicago Metro 577 85.6 % 25,858 52.35 11.5 % 18.3 % Mid-Atlantic 1,343 93.8 % 18,187 16.36 26.8 % 12.9 % New England 719 98.4 % 10,096 16.50 14.3 % 7.2 % Washington D.C.
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.
However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders. 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.
(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.
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, 2023 (other than under “Leased Occupancy).
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.
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 % 1,931,746 46.22 Concord and Milwaukee — 2016 100.0 % 13,147 100.0 % 100.0 % 469,100 35.68 California and Armitage — 2016 100.0 % 18,275 70.5 % 70.5 % 696,715 54.04 Roosevelt Galleria Petco, Vitamin Shoppe, Dollar Tree 2015 100.0 % 37,995 89.7 % 89.7 % 880,649 25.84 Sullivan Center Target 2016 100.0 % 176,181 78.9 % 82.2 % 5,251,599 37.79 576,799 85.6 % 86.8 % 25,858,278 52.35 New York Metro Soho Collection (12 properties) (b) Zimmermann, Faherty, Watches of Switzerland, ALC, Stone Island, Frame, Theory, Bang & Olufsen 2011 2014 2019 2020 2022 100.0 % 36,094 74.4 % 100.0 % 9,974,725 371.55 5-7 East 17th Street — 2008 100.0 % 8,658 0.0 % 100.0 % — — 200 West 54th Street — 2007 100.0 % 5,862 100.0 % 100.0 % 1,603,613 273.56 61 Main Street Splendid 2014 100.0 % 3,470 100.0 % 100.0 % 322,294 92.88 181 Main Street TD Bank 2012 100.0 % 11,514 100.0 % 100.0 % 1,085,445 94.27 4401 White Plains Road Walgreens 2011 100.0 % 12,964 100.0 % 100.0 % 625,000 48.21 Bartow Avenue — 2005 100.0 % 14,824 100.0 % 100.0 % 481,687 32.49 239 Greenwich Avenue Watches of Switzerland 1998 75.0 % 16,621 100.0 % 100.0 % 1,847,097 111.13 252-256 Greenwich Avenue Veronica Beard, The RealReal, Blue Mercury 2014 100.0 % 7,986 100.0 % 100.0 % 1,037,059 129.86 2914 Third Avenue Planet Fitness 2006 100.0 % 40,603 100.0 % 100.0 % 1,107,063 27.27 868 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 % 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.
As of December 31, 2023, our Core Portfolio consisted of 139 operating properties totaling approximately 5.4 million square feet (or 5.0 million at our pro-rata share) of gross leasable area (“GLA”) excluding two properties in development and eight properties under redevelopment.
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.
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 our Funds.
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.
Residential and office GLA are excluded. b) Includes one property owned by the Company on land subject to a ground lease. 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%.
(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.
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.
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.
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. d) Property also includes 12,371 square feet of 2nd floor office space and a 29,760 square-foot parking garage (131 spaces). e) Property or properties are unconsolidated. f) Property also includes 18,493 square feet of office space. 36 Major T enants No individual retail tenant accounted for more than 5.2% of total Core Portfolio and Fund base rents for the year ended December 31, 2023 or occupied more than 7.4% of total Core Portfolio and Fund leased GLA as of December 31, 2023.
(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.
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 the Funds (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 7.4 % 5.2 % TJX Companies (b) 31 367 4,330 5.2 % 2.5 % Royal Ahold (c) 6 198 4,209 2.8 % 2.4 % PetSmart, Inc. 14 115 3,485 1.7 % 2.0 % Trader Joe's 5 54 3,356 0.8 % 1.9 % Verizon 8 30 3,064 0.4 % 1.7 % Walgreens 5 71 2,962 1.0 % 1.7 % Kohl's 8 211 2,859 3.0 % 1.6 % ALO Yoga 3 25 2,852 0.4 % 1.6 % Lululemon 5 11 2,719 0.2 % 1.5 % Lowe's 2 164 2,648 2.4 % 1.5 % Fast Retailing (d) 2 32 2,450 0.5 % 1.4 % Dicks Sporting Goods, Inc. 7 152 2,284 2.2 % 1.3 % Ulta Beauty 16 58 2,199 0.8 % 1.2 % Supervalu Inc.
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.
Metro 166 85.8 % 9,088 63.62 3.3 % 6.4 % Midwest 570 94.8 % 8,682 16.08 11.4 % 6.2 % Los Angeles Metro 23 100.0 % 4,355 185.61 0.4 % 3.1 % Dallas Metro 121 89.2 % 4,445 41.07 2.4 % 3.1 % Total Core Operating Properties 5,017 93.0 % $ 141,128 $ 31.99 100.0 % 100.0 % Fund Portfolio: New York Metro 336 75.3 % $ 11,153 $ 44.10 17.3 % 31.8 % Northeast 678 87.9 % 9,095 15.28 34.7 % 26.0 % Southeast 494 97.1 % 7,871 16.39 25.4 % 22.4 % Southwest 180 90.5 % 2,803 17.18 9.2 % 8.0 % West 116 98.8 % 1,789 15.66 6.0 % 5.1 % Midwest 93 99.2 % 1,519 16.54 4.8 % 4.3 % Mid-Atlantic 48 91.1 % 700 16.09 2.5 % 2.0 % San Francisco Metro 1 77.5 % 136 117.57 0.1 % 0.4 % Total Fund Operating Properties 1,946 89.6 % $ 35,066 $ 20.13 100.0 % 100.0 % a) Property GLA includes a total of 255,000 square feet, which is not owned by us.
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.
(e) 3 136 2,198 2.0 % 1.2 % Bob's Discount Furniture 3 75 2,043 1.1 % 1.2 % H&M 2 60 2,032 0.9 % 1.2 % Gap 11 66 1,801 0.9 % 1.0 % Wakefern Food Corporation (f) 4 80 1,743 1.1 % 1.0 % Watches of Switzerland 2 14 1,705 0.2 % 1.0 % Total 142 2,431 $ 60,172 35.0 % 34.1 % a) Does not include tenants that operate at only one Company location b) TJ Maxx (13 locations), HomeGoods (9 locations), Marshalls (7 locations), HomeSense (2 locations) c) Stop and Shop (4 locations), Giant (2 locations) d) Uniqlo (1 location), Theory (1 location) e) Shaw’s (3 locations) f) ShopRite (4 locations) 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, 2023, 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 — — 0.0 % $ — 0.0 % 2024 79 828 18.8 % $ 17,730 12.6 % 2025 68 585 13.3 % $ 21,064 14.9 % 2026 78 626 14.2 % $ 18,470 13.1 % 2027 57 332 7.5 % $ 12,140 8.6 % 2028 68 827 18.7 % $ 23,880 16.9 % 2029 31 175 4.0 % $ 6,430 4.6 % 2030 20 96 2.2 % $ 5,449 3.9 % 2031 24 176 4.0 % $ 6,565 4.7 % 2032 45 216 4.9 % $ 10,342 7.3 % 2033 44 217 4.9 % $ 8,688 6.2 % Thereafter 20 334 7.6 % $ 10,370 7.3 % Total 534 4,412 100.0 % $ 141,128 100.0 % Funds 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 3 2 0.1 % $ 29 0.1 % 2024 112 217 12.5 % 3,539 10.1 % 2025 103 251 14.4 % 4,060 11.6 % 2026 104 138 7.9 % 2,769 7.9 % 2027 101 224 12.9 % 4,070 11.6 % 2028 98 172 9.9 % 3,524 10.1 % 2029 46 111 6.3 % 1,722 4.9 % 2030 36 82 4.7 % 1,251 3.6 % 2031 40 89 5.1 % 1,536 4.4 % 2032 47 185 10.6 % 3,119 8.9 % 2033 39 99 5.7 % 2,559 7.3 % Thereafter 24 172 9.9 % 6,887 19.6 % Total 753 1,742 100.0 % $ 35,065 100.0 % 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.
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.
Laurent 2011 2012 100.0 % 40,384 78.3 % 78.3 % $ 6,608,610 $ 208.90 Clark Street and W.
Laurent, Brandy Melville 2011 2012 100.0 % 40,590 68.2 % 93.0 % $ 6,559,920 $ 237.08 Clark Street and W.
Removed
We define our Core Portfolio as those 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 our Funds.
Added
(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.
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 - Development 1 & 2 100.0% Dallas, TX TBD 160,000 $ 9.6 $ 6.4 $ 16.0 TBD - TBD TBD - TBD Major Redevelopment: City Center 100.0% San Francisco, CA 2024 241,000 155.0 51.8 206.8 3.2 - 6.2 210.0 - 213.0 555 9th Street 100.0% San Francisco, CA TBD 149,000 141.7 5.1 146.8 19.9 - 29.9 166.7 - 176.7 651-671 West Diversey 100.0% Chicago, IL TBD 46,000 29.1 0.4 29.5 TBD - TBD TBD - TBD Route 6 Mall 100.0% Honesdale, PA TBD TBD 14.8 4.5 19.3 1.5 - 4.5 20.8 - 23.8 Mad River 100.0% Dayton, OH TBD TBD 14.3 0.4 14.7 1.5 - 1.9 16.2 - 16.6 840 N.
Added
(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.
Removed
Michigan Avenue 91.9% Chicago, IL TBD 87,000 152.3 — 152.3 TBD - TBD TBD - TBD 664 N.
Added
(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.
Removed
Michigan Avenue 100.0% Chicago, IL TBD 18,000 87.2 — 87.2 TBD - TBD TBD - TBD Brandywine Holdings 100.0% Wilmington, DE TBD 96,000 24.0 0.1 24.1 TBD - TBD TBD - TBD Total Core Redevelopment $ 618.4 $ 62.3 $ 680.7 $ 26.1 $ 42.5 $ 413.7 $ 430.1 Total Core Development and Redevelopment $ 628.0 $ 68.7 $ 696.7 $ 26.1 $ 42.5 $ 413.7 $ 430.1 FUNDS Development: FUND III Broad Hollow Commons 24.5% Farmingdale, NY TBD TBD $ 3.0 $ 3.9 $ 6.9 TBD - TBD TBD - TBD Major Redevelopment: FUND IV 717 N.
Added
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.
Removed
Michigan Avenue 23.1% Chicago, IL TBD TBD 26.9 0.8 27.7 TBD - TBD TBD - TBD Total Funds Development and Major Redevelopment $ 29.9 $ 4.7 $ 34.6 $ — $ — $ — $ — Total Core and Funds Development and Major Redevelopment $ 657.9 $ 73.4 $ 731.3 $ 26.1 $ 42.5 $ 413.7 $ 430.1 40 ITEM 3.
Added
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.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

9 edited+1 added−0 removed25 unchanged
Biggest changeWe have pursued and may in the future continue to pursue extensive growth opportunities, including investing in new markets, which may result in significant demands on our operational, administrative, and financial resources. We have pursued and may pursue growth opportunities, some of which have been, and in the future may be, in locations in which we have not historically invested.
Biggest changeWe have pursued and may in the future continue to pursue extensive growth opportunities, including investing in new markets, which may result in significant demands on our operational, administrative, and financial resources.
Compliance with the ADA requirements could require removal of access barriers, and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants, or both.
Compliance with the ADA requirements could require removal of access barriers, and non-compliance could result in the imposition of fines by the U.S. government or an award of damages to private litigants, or both.
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. 22 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. 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.
Under the provisions of the Maryland General Corporation Law (the “MGCL”) applicable to REITs, certain business combinations, including certain mergers, consolidations, share exchanges and asset transfers and certain issuances and reclassifications of equity securities, between a Maryland REIT and any person who beneficially owns 10% or more of the voting power of the REIT’s outstanding voting shares of beneficial interest or an affiliate or an associate, as defined in the MGCL, of the REIT who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding shares of beneficial interest of the REIT (an “interested shareholder”) or an affiliate of the interested shareholder, are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder.
Under the provisions of the Maryland General Corporation Law (the “MGCL”) applicable to REITs, certain business combinations, including certain mergers, consolidations, share exchanges and asset transfers and certain issuances and reclassifications of equity securities, between a Maryland REIT and (i) any person who beneficially owns 10% or more of the voting power of the REIT’s outstanding voting shares of beneficial interest or (ii) an affiliate or associate, as defined in the MGCL, of the REIT who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding shares of beneficial interest of the REIT (an “interested shareholder”) or (iii) an affiliate of the interested shareholder, are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder.
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. 21 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. 19 Concentration of ownership by certain investors may allow these investors to exert influence over the business and affairs of our Company.
We have not established any series of preferred shares other than the Series A and Series C Preferred OP Units in the Operating Partnership. However, the establishment and issuance of a class or series of preferred shares could make a change of control of us that could be in the best interests of the shareholders more difficult.
We have not established any series of preferred shares other than the Series A and Series C Preferred OP Units in the Operating Partnership. However, the establishment and issuance of a class or series of preferred shares could make a change of control of the Company, including one that could be in the best interests of our shareholders more difficult.
All of our properties are required to comply with the Americans with Disabilities Act, as amended (the “ADA”). The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities.
All of our properties are required to comply with the ADA. The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities.
This expansion places significant demands on our operational, administrative, and financial resources. The continued growth of our real estate portfolio can be expected to continue to place a significant strain on our resources. Our future performance will depend in part on our ability to successfully attract and retain qualified management personnel to manage the growth and operations of our business.
The continued growth of our real estate portfolio can be expected to continue to place a significant strain on our resources. Our future performance will depend in part on our ability to successfully attract and retain qualified management personnel to manage the growth and operations of our business.
As of December 31, 2023, four institutional shareholders own 5% or more individually, and 54.7% in the aggregate, of our Common Shares.
As of December 31, 2024, six institutional shareholders own 5% or more individually, and 61.9% in the aggregate, of our Common Shares.
Added
We have pursued and may in the future pursue growth opportunities, some of which have been, and in the future may be, in locations in which we have not historically invested. This expansion places significant demands on our operational, administrative, and financial resources.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+4 added−0 removed5 unchanged
Biggest changeMarket Information, Dividends and Holders of Record of our Common Shares At February 13, 2024, there were 247 holders of record of our Common Shares, which are traded on the New York Stock Exchange under the symbol “AKR.” Our quarterly dividends are discussed in Note 10 and the characterization of such dividends for federal income tax purposes is discussed in Note 14 .
Biggest changeOur quarterly dividends are discussed in Note 10 and the characterization of such dividends for federal income tax purposes is discussed in Note 14 .
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, 2023, 2022 or 2021.
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.
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, 2018, 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, 2019, and assuming reinvestment of dividends.
As of December 31, 2023, management may repurchase up to approximately $122.5 million of the Company’s outstanding Common Shares under this program.
As of December 31, 2024, 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, 2023: 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 — $ — 3,804,345 Equity compensation plans not approved by security holders — — — Total — $ — 3,804,345 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, 2023 95,361,676 Outstanding OP Units as of December 31, 2023 5,346,042 Total Outstanding Common Shares and OP Units 100,707,718 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 (2,125,608 ) Number of Common Shares remaining available 3,804,345 41 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, 2018, through December 31, 2023, 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, 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.
Source: S&P Global Market Intelligence At December 31, Index 2018 2019 2020 2021 2022 2023 Acadia Realty Trust $ 100.00 $ 113.78 $ 63.61 $ 100.74 $ 69.32 $ 86.21 Russell 2000 Index 100.00 125.53 150.58 172.90 137.56 160.85 FTSE NAREIT All Equity REITs Index 100.00 128.66 122.07 172.49 129.45 144.16 FTSE NAREIT Equity Shopping Centers Index 100.00 125.03 90.47 149.32 130.60 146.32 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities None.
Source: 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.
Added
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.
Added
U.S. federal income tax law generally requires that a REIT annually distribute at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pays tax at regular corporate rates on any undistributed income to the extent that it distributes less than 100% of its taxable income in any tax year.
Added
While we intend to continue paying regular quarterly dividends to holders of our Common Shares, future dividend declarations will be at the discretion of the Board and will depend on the financial position, results of operations, cash flows, capital requirements, debt covenants, applicable laws and other factors as the Board deems relevant.
Added
Cash available for distribution to Company shareholders is derived from income from real estate and will be affected by a number of factors, including, among others, the risks discussed under “Risk Factors” in Part I, Item 1A .

Item 6. [Reserved]

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

6 edited+88 added−5 removed3 unchanged
Biggest changeWe were also counterparty to 36 interest rate swap agreements and four interest rate cap agreements, all of which qualify for and are designated as hedging instruments. This helps to alleviate the impact of rising interest rates on our operations. The Company continues to monitor economic, financial, and social conditions and will assess its asset portfolio for any impairment indicators.
Biggest changeWe 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.
Properties for a summary of our wholly-owned and partially-owned retail properties and their physical occupancies at December 31, 2023. 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.
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.
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 our Funds. These properties primarily consist of street and urban retail, and suburban shopping centers. See Item 2.
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.
Most of our leases require tenants to pay their share of operating expenses, including real estate taxes, insurance, utilities, and common area maintenance of the shopping centers, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation.
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.
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 investors for the purpose of making investments in operating retailers with significant embedded value in their real estate assets. • Maintain a strong and flexible balance sheet through conservative financial practices while ensuring access to sufficient capital to fund future growth.
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.
ITEM 6. [ RESERVED] Not applicable. 42 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW As of December 31, 2023, there were 201 properties, which we own or have an ownership interest in, within our Core Portfolio and Funds.
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.
Removed
Inflation and Economic Condition Considerations The economy continues to face several issues including geopolitical conditions and instability, the Gaza-Israel conflict, the war in Ukraine, the fallout from the COVID-19 Pandemic, supply-chain disruptions, and the recessionary outlook of the current financial markets, which has increased volatility in the market and has caused a surge in interest rates in a period of high inflation.
Added
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.
Removed
While we have not experienced any material negative impacts at this time, we are actively managing our business to respond to the ongoing economic and social impact from such events.
Added
No prior period information was recast and the designation change did not impact our consolidated financial statements. Refer to Note 12 .
Removed
These provisions are designed to partially mitigate the impact of inflation; however, current inflation levels are greater than the contractual rent increases we obtain from our tenant base.
Added
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.
Removed
As a result, the Company could feel 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
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.
Removed
While interest rate increases enacted by the Federal Reserve have had a significant impact on interest rate indexes such as SOFR and the Prime Rate, as of December 31, 2023, approximately 77.3%, or 86.7% at our pro-rata share, of our outstanding debt is fixed or effectively fixed interest rate, with the remaining 22.7%, or 13.3% at our pro-rata share, indexed to SOFR or Prime plus an applicable margin per the loan agreement.
Added
In addition, the venture entered into a new $175.0 million property mortgage loan.
Added
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
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
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
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
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
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
Fund V recognized a gain of $11.6 million, of which the Company’s proportionate share was $2.3 million ( Note 4 ).
Added
Financing Activity On April 15, 2024, the Operating Partnership and the Company entered into a Third Amended and Restated Credit Agreement, with Bank of America, N.A., as administrative agent, to amend its existing senior unsecured credit facility (the “Amended Credit Facility”).
Added
The Amended Credit Facility provides for an increase in the existing unsecured revolving credit facility (the “Revolver”) from $300.0 million to $350.0 million, which includes the capacity to issue letters of credit in an amount up to $60.0 million, and the extension of the term from June 29, 2025 to April 15, 2028, with two additional six-month extension options.
Added
The Amended Credit Facility also provides for the extension of the term on the existing $400.0 million unsecured term loan (“Term Loan”) from June 29, 2026 to April 15, 2028, with two additional six-month extension options.
Added
The Amended Credit Facility has an accordion feature to increase its capacity up to $900 million at the option of the Operating Partnership, subject to customary conditions.
Added
On September 12, 2024, the Operating Partnership and the Company entered into a Consent and Second Amendment (the “Amendment”) to the Third Amended and Restated Credit Agreement, which further increased the revolving credit facility to $525.0 million and the accordion feature limit to $1.1 billion, maintaining the same terms and conditions.
Added
Borrowings under the Revolver and the Term Loan will accrue interest at a floating rate based on SOFR with margins based on leverage or credit rating ( Note 7 ).
Added
On August 21, 2024, the Operating Partnership issued $100.0 million aggregate principal amount of senior unsecured notes in a private placement, of which (i) $20.0 million are designated as 5.86% Senior Notes, Series A, due August 21, 2027 (the “Series A Notes”) and (ii) $80.0 million are designated as 5.94% Senior Notes, Series B, due August 21, 2029 (together with the Series A Notes, the “Senior Notes”) pursuant to a note purchase agreement (the “Senior Note Purchase Agreement”), dated July 30, 2024, between the Company, Operating Partnership and the purchasers named therein.
Added
Core Portfolio In addition to the Amended Credit Facility and senior unsecured notes offering, during the year ended December 31, 2024, we ( Note 7 ): • repaid in full the $175.0 million term loan; • repaid a Core property mortgage loan totaling $7.3 million at maturity; • extended a Core property mortgage loan of $60.0 million (excluding principal reductions of $2.5 million); • refinanced and extended two unconsolidated Core property mortgage loans of $103.0 million; • made scheduled principal payments totaling $4.3 million.
Added
Investment Management During the year ended December 31, 2024, through Investment Management, we ( Note 7 ): • repaid the Fund V subscription line totaling $80.6 million; • entered into a new Investment Management property mortgage loan of $43.4 million; • repaid three Investment Management property mortgage loans totaling $7.9 million upon disposition of properties ( Note 2 ); • extended and refinanced six Investment Management property mortgage loans totaling $215.0 million (excluding principal reductions of $2.0 million); • entered into two unconsolidated Investment Management property mortgage loans totaling $195.5 million ( Note 4 ); • extended an Investment Management unconsolidated property mortgage loan of $37.8 million (excluding principal reductions of $2.1 million); • r epaid two unconsolidated Investment Management property mortgage loans totaling $51.1 million upon dispositions of the properties ( Note 4 ); and • made scheduled principal payments totaling $5.4 million. 45 Structured Financing Investments During the year ended December 31, 2024, we originated one note receivable of $7.6 million to a related party, which is collateralized by the borrower’s equity interest in various partnerships, bears interest at 12% and matures on December 31, 2025.
Added
Issuance of Common Shares During the year ended December 31, 2024, we issued Common Shares through the following public offerings and our ATM Program: ($ 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
(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
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.
Added
(f) Amounts are presented net of underwriting discounts and fees and includes other offering costs Subsequent to the year ended December 31, 2024, 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.
Added
Economic and Other Considerations Heightened levels of inflation and higher interest rates present risks for our business and our tenants. During 2024, inflation levels began to decrease, but remained elevated relative to the years preceding 2021.
Added
While the Federal Reserve made several cuts to interest rates in the second half of 2024 in response to those decreases in inflation levels, it continues to indicate that it will remain data-dependent in determining whether to hold its benchmark rate at current levels or continue to slowly ease interest rates through 2025.
Added
We continue to monitor and address risks related to the economy. In recent years, the elevated level of inflation resulted in increased costs for certain goods and services and cost of borrowing.
Added
We also continue to see rising consumer confidence and we expect to continue to add value to our portfolio by executing on our current leasing momentum, our active development and redevelopment projects, and leasing pipeline.
Added
Except for increased interest costs, we have not experienced any material negative impacts at this time. 46 RESULTS OF OPERATIONS See Note 12 in the Notes to Consolidated Financial Statements for an overview of our three reportable segments.
Added
Comparison 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.
Added
Rental revenues for our Core Portfolio decreased $7.2 million for the year ended December 31, 2024 compared to the prior year primarily due to (i) a $7.8 million accelerated amortization of a below-market lease for a bankrupt tenant in 2023, (ii) $2.3 million from the strategic recapture of tenant space subsequent to September 30, 2023, and (iii) $1.9 million from the sale of the Shops at Grand property in 2024.
Added
These decreases were offset by (i) $2.9 million for new Core acquisitions in 2024 and (ii) $1.5 million from new tenant lease up.
Added
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.
Added
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.
Added
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.
Added
Property operating expenses for our Core Portfolio decreased $0.1 million for the year ended December 31, 2024 compared to the prior year primarily due to an increase in repairs and maintenance, utility and insurance costs in 2023 offset by increased legal expenses in the current year.
Added
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.
Added
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.
Added
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 ).
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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.
Added
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.
Added
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.
Added
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.
Added
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 ).
Added
Impairment charges totaled $1.2 million during 2024 primarily related to 1964 Union in Fund IV. Impairment charges totaled $3.7 million during 2023 related to 146 Geary Street in Fund IV.
Added
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 ).
Added
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 ).
Added
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.
Added
Realized and unrealized holding gains (losses) on investments and other for Investment Management decreased $25.0 million for the year ended December 31, 2024 compared to the prior year primarily due to a $28.2 million special dividend from Albertsons in 2023, offset by the mark-to-market adjustment on the investment in Albertsons in 2023 ( Note 8 ).
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
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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.
Added
NOI and rent spreads on new and renewal leases are presented to assist investors in analyzing our property performance, however, our method of calculating these may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.
Added
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.
Added
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.
Added
Cash basis represents a comparison of rent most recently paid on the previous lease as compared to the initial rent paid on the new lease. Straight-line basis represents a comparison of rents as adjusted for contractual escalations, abated rent, and lease incentives for the same comparable leases.
Added
The table below includes embedded option renewals for which the renewed rent was equal to or approximated existing base rent.
Added
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.
Added
FFO is presented to assist investors in analyzing our performance. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of real estate.
Added
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.
Added
It should not be considered as an alternative to net income for the purpose of evaluating our performance or to cash flows as a measure of liquidity.
Added
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.
Added
Also consistent with NAREIT’s definition of FFO, the Company has elected to include gains and losses incidental to its main business (including those related to its investments in Albertsons) in FFO.
Added
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 ).

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Item 7. Management's Discussion & Analysis

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

40 edited+7 added−31 removed44 unchanged
Biggest changeIn addition, in the event that certain anchor tenants cease to occupy a property, such an action results in a significant number of other tenants having the contractual right 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, also known as “co-tenancy.” Although it may not directly reduce our rental revenues, and there are no contractual co-tenancy conditions, vacant retail space adjacent to, or even on the same block as our street and urban properties may similarly affect shopper traffic and re-tenanting activities at our properties.
Biggest changeSuch rights are also known as “co-tenancy” conditions. Although it may not directly reduce our rental revenues, and there are no contractual co-tenancy conditions, vacant retail space adjacent to, or even on the same block as our street and urban properties may similarly affect shopper traffic and re-tenanting activities at our properties. See Item 2.
There can be no assurance that our major tenants will not declare bankruptcy, in which case we may be unable to recoup past and future rent in full, and to re-lease a terminated or rejected space on comparable terms or at all.
There can be no assurance that our major tenants will not declare bankruptcy, in which case we may be unable to recoup past and future rent in full, or re-lease a terminated or rejected space on comparable terms or at all.
If we are unable to re-let promptly all or a substantial portion of the space located in our properties or if the rental rates we receive upon re-letting are significantly lower than current rates, our net income and ability to make expected distributions to our shareholders will be adversely affected due to the resulting reduction in revenues.
If we are unable to promptly re-let all or a substantial portion of the space located in our properties or if the rental rates we receive upon re-letting are significantly lower than current rates, our net income and ability to make expected distributions to our shareholders will be adversely affected due to the resulting reduction in revenues.
The market for retail space has been, and could continue to be, adversely affected by weakness in the national, regional, and local economies, the adverse financial condition of some large retailing companies and bankruptcy incidence, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through the Internet.
The market for retail space has been, and could continue to be, adversely affected by weakness in the national, regional, and local economies, the adverse financial condition and bankruptcy incidence of some large retailing companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through the Internet.
Equity investments in real estate are relatively illiquid and, therefore, our ability to change our portfolio promptly in response to changed conditions is limited, which could adversely affect our financial condition, cash flows, and ability to satisfy our debt service obligations and to make distributions to our shareholders.
Equity investments in real estate are relatively illiquid and, therefore, our ability to promptly change our portfolio in response to changed conditions is limited, which could adversely affect our financial condition, cash flows, and ability to satisfy our debt service obligations and to make distributions to our shareholders.
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.
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.
Item 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, 2023. 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.
Item 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.
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. 13 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. 11 ITEM 1A. RIS K FACTORS. Set forth below are the risk factors that we believe are material to our investors.
See the Risk Factor entitled, “Our ability to change our portfolio is limited because real estate investments are illiquid” below. 15 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. 13 Many of our real estate costs are fixed, even if income from our properties decreases, which would cause a decrease in net income.
These filings can also be accessed through the SEC’s website at www.sec.gov. Alternatively, we will provide paper copies of our filings, including this Report, at no cost upon request addressed to Investor Relations at Acadia Realty Trust, 411 Theodore Fremd Avenue, Suite 300, Rye, NY 10580, phone number (914) 288-8100 or email investorrelations@acadiarealty.com.
These filings can also be accessed through the SEC’s website at www.sec.gov. Alternatively, we will provide paper copies of our filings, including this Report, at no cost upon request addressed to Investor Relations at Acadia Realty Trust, 411 Theodore Fremd Avenue, Suite 300, Rye, New York 10580, phone number (914) 288-8100 or email investorrelations@acadiarealty.com.
In addition, certain significant expenditures associated with each equity investment (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced even though there may be a reduction in income from the investment.
In addition, certain significant expenditures associated with each equity investment (such as property mortgage loan payments, real estate taxes and maintenance costs) are generally not reduced even though there may be a reduction in income from the investment.
We derive significant revenues from a concentration of 20 key tenants, which occupy space at more than one property and collectively account for approximately 17.8% 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 17.1% of our consolidated revenue.
As a result, the Company could feel 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.
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.
If we are unable to anticipate and respond promptly to trends in the market because of, among others, the illiquid nature of real estate our occupancy levels and financial results could suffer.
If we are unable to anticipate and promptly respond to trends in the market because of, amongst others, the illiquid nature of real estate, our occupancy levels and financial results could suffer.
This can also occur through the exercise of the right that most anchors have to vacate and prevent re-tenanting by paying rent for the balance of the lease term, also known as “going dark”, such as the case of the departure of a “shadow” anchor tenant that is owned by another landlord.
This can also occur through the exercise of the right that most anchor tenants have to vacate and prevent re-tenanting by paying rent for the balance of the lease term, a practice known as “going dark”, such as the case of the departure of a “shadow” anchor tenant that is owned by another landlord.
COMPANY WEBSITE All of our filings with the Securities and Exchange Commission (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.
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.
The increase in Internet sales could result in a downturn in the business of our current tenants in their “brick and mortar” locations, adversely impacting their ability to satisfy their rent obligations, and could affect the way future tenants lease space.
The increase in Internet sales could result in a downturn in the business of our current tenants in their “brick and mortar” locations, adversely impacting their ability to satisfy their rent obligations and potentially affecting the way future tenants lease space.
See Item 2. Properties—Major Tenants . 14 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 . 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.
We may be liable for the costs of removal or remediation of certain hazardous or toxic substances at our property sites, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property).
Risk Factors — Risks Related to Litigation, Environmental Matters and Governmental Regulation. We may be liable for the costs of removal or remediation of certain hazardous or toxic substances at our property sites, as well as certain other potential costs relating to hazardous or toxic substances (including government fines and penalties and damages for injuries to persons and adjacent property).
Governance highlights include: opt-out of the Board self-classification provisions of Subtitle 8; no shareholder rights plan; annual election of trustees; majority voting standard for trustees in uncontested elections with a resignation policy if an incumbent trustee fails to receive the required vote for re-election; independent and diverse Board with a lead independent trustee; regular succession planning; risk oversight by the full Board and committees; claw-back, anti-hedging and anti-pledging policies; annual Say-on-Pay vote; and shareholders’ ability to call a special meeting. 12 Our Corporate Governance Guidelines and associated policies mandate an elevated level of excellence from our company, the Board and management.
Governance highlights include: optout of the Board self-classification provisions of Subtitle 8 (as defined below); no shareholder rights plan; annual election of trustees; majority voting standard for trustees in uncontested elections with a resignation policy if an incumbent Trustee fails to receive the required vote for re-election; independent Board with a lead independent trustee; regular succession planning; risk oversight by the full Board and committees; claw-back, anti-hedging and anti-pledging policies; annual Say-on-Pay vote; and shareholders’ ability to call a special meeting.
We include a green clause into our standard form of retail leases to align tenant and landlord interests in promoting the sustainability of our properties, which provides for, among other requirements, cooperation on environmental and social initiatives, and upgrades. We are proud to be named a Green Lease Leader by the Institute for Market Transformation/the U.S.
We include a green clause in our standard form of retail leases to align tenant and landlord interests in promoting the sustainability of our properties. We are proud to be named a Green Lease Leader by the Institute for Market Transformation/the U.S.
We prioritize energy efficiency to try to reduce the amount of GHG emissions generated by our properties. Our energy efficiency strategy seeks to reduce energy consumption through a variety of measures, including LED lighting, and smart lighting controls upgrades in our parking areas, and smart thermostat installations in our vacant tenant spaces.
Our energy efficiency strategy seeks to reduce energy consumption through a variety of measures, including LED lighting and smart lighting controls upgrades in our parking areas, and smart thermostat installations in our vacant tenant spaces.
Our ESG program is overseen by the Board’s Nominating and Corporate Governance Committee (“NCG Committee”). The NCG Committee periodically reviews our ESG strategy, practices and policies, receives regular updates from management regarding our ESG activities and reports to the full Board for further discussion and evaluation as needed and appropriate.
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.
E-commerce can have an impact on our business because it may cause a downturn in the business of our current tenants and affect future leases. 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 continues to gain in popularity and the migration toward e-commerce is expected to continue.
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. Risk Factors — Risks Related to Litigation, Environmental Matters and Governmental Regulation.
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.
We have significant exposure to the greater New York and Chicago metropolitan regions, from which we derive 42.8% and 18.3% of the annual base rents within our Core Portfolio, respectively. In addition, our Funds derive 31.8%, 22.4% and 26.0% of their annual base rents in the New York metropolitan, Southeast, and Northeast regions of the United States, respectively.
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.
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. 9 Our existing properties, as well as properties we may acquire, as commercial facilities, are required to comply with the Americans with Disabilities Act of 1990, as amended (the "ADA").
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.
See Item 1A. Risk Factors — Compliance with the Americans with Disabilities Act 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 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.
Structured Finance Program We also make investments in first mortgages 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. Development and Redevelopment Activities As part of our investing strategy, we invest in real estate assets that may require significant development.
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.
We believe that sound corporate governance strengthens the accountability of our Board and management and promotes the long-term interests of our shareholders.
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.
Our energy efficiency strategy is complemented by our renewable energy strategy which seeks to incorporate the use of electricity sourced from renewable energy projects, such as solar and wind, for the landlord-controlled common areas of our properties.
Our complementary renewable energy strategy seeks to incorporate the use of electricity sourced from renewable energy projects, such as solar and wind, for the landlord-controlled common areas of our properties. We engage in renewable energy projects through leasing roof and parking lot space at our properties for solar panel arrays and electric vehicle charging stations.
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.
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.
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 We recognize that our ability to achieve the high standards we set for our company can best be accomplished by curating a diverse team of top talent.
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.
In addition, certain assets may require redevelopment to meet the demand of changing markets. As of December 31, 2023, there were two Core Portfolio and one Fund development projects, and eight Core Portfolio and one Fund redevelopment projects. During the year ended December 31, 2023, we placed three Core Portfolio properties into redevelopment and one Fund Portfolio property into service.
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 .
Below are some highlights of our ESG program. Additional information is available in our Proxy and Corporate Responsibility Report. Such information is not incorporated by reference into, and is not part of this Report. Environmental We are committed to understanding the environmental impact of our operations and promoting environmental sustainability while maintaining high standards for our company and our stakeholders.
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.
For substantially all of our properties with landlord-controlled irrigation, we have installed smart irrigation systems with features like rain sensors, to ensure the irrigation is turned on only when necessary. In addition, we use submeters at certain of our properties to give our retail tenants visibility into their water consumption and a financial incentive to decrease their consumption.
We also encourage water management practices by our tenants, such as through the use of submeters at certain of our properties to give our retail tenants visibility into their water consumption and a financial incentive to decrease their consumption.
Department of Energy’s Better Buildings Alliance and achieved gold status for using green leases to engage our tenants in making our properties more sustainable. Our sustainable practices extend to our corporate offices where we have adopted energy reduction, waste management and water conservation initiatives.
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.
Our Wellness at Acadia Program advocates for, and provides resources regarding, nutrition, exercise, mental health, and workplace ergonomics. We offer a comprehensive benefits package to all eligible employees. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) Achievements and Initiatives We seek to drive financial performance while engaging in environmentally and socially responsible business practices grounded in sound corporate governance.
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.
Our senior management team focuses on succession planning for senior leadership and business unit lead roles and presents a succession plan to our Board annually. 10 Our summer internship program offers hands-on experience to students looking to specialize in the retail real estate industry and offers our company a fresh perspective.
We invest in the training and development of our people. Education opportunities are offered within our organization and through attendance at industry conferences, seminars, and company-offered resources and self-paced work. Our senior management team focuses on succession planning for senior leadership and business unit lead roles and presents a succession plan to our Board annually.
We are building the resiliency of our portfolio to the physical and transition risks of climate change. For standing investments, we analyze climate-related physical and transition risks and we consider any identified risks as part of our ERM budgeting, and capital improvements processes. Climate-related physical and transition risks are also assessed as part of the due diligence process for acquisitions.
Our geographically diverse U.S. portfolio reduces exposure to single risk factors. For standing investments, we consider climate-related risks in our enterprise risk management, budgeting, and capital improvement processes. For new acquisitions, we assess climate-related risks during the due diligence stage, considering the potential impact of physical and transition climate risks, both now and in the future.
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Funds Our Fund investments, which are discretionary and consolidated, consist of suburban shopping centers and urban retail assets structured as wholly-owned by our Funds or through jointly-owned investments with the Funds.
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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.
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See Item 2. Properties—Development Activities and Note 2 . GOVERNMENT REGULATIONS AND ENVIRONMENTAL LAWS We are subject to federal, state and local laws and regulations, including environmental laws and regulations.
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None of our employees are covered by collective bargaining agreements and management believes that its relationship with employees is good. We are committed to fostering an energized and motivated workforce through programs and benefits that promote employee satisfaction, wellness and advancement. We have been recognized as a Great Place to Work® based on employee satisfaction surveys for five consecutive years.
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We are committed to fostering an energized and motivated workforce through programs and benefits that promote employee satisfaction, advancement, equity, and inclusion. As of December 31, 2023, we had 117 employees, of whom 95 were located at our executive office and 22 were located at regional property management offices. During 2023, our total turnover rate was approximately 11%.
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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.
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None of our employees are covered by collective bargaining agreements and management believes that its relationship with employees is good. Diversity, Equity, and Inclusion Diversity, equity, and inclusion (“DEI”) are fundamental values of our business. We believe that our potential for success is maximized by having a diverse workforce that is reflective of our society and the communities we serve.
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We aim to reduce the environmental impact of our portfolio by maximizing energy efficiency, renewable energy generation, renewable power procurement, and water conservation, in alignment with financial value creation.
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As of December 31, 2023, women represent 49% of our employees, 36% of our management-level positions and 25% of the independent trustees on our board of trustees (the "Board"), and racially and ethnically diverse individuals represent 25% of our employees, 24% of our management-level positions, and 13% of the independent trustees on our Board.
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Our water management program focuses on monitoring and reducing common area water consumption through the use of drought-resistant, native plantings that save water and the installation of smart irrigation systems with features like rain sensors to ensure the irrigation is turned on only when necessary.
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Our DEI Program is focused on fostering a professional environment that fully embraces individuals with varied backgrounds, cultures, races, identities, ages, perspectives, beliefs, and values. Through education and awareness – including annual employee training on DEI topics such as unconscious bias and allyship – we are working to maintain a corporate culture that is characterized by respect, acceptance, and inclusivity.
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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.
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We believe that we have an individual and institutional responsibility to observe, promote and protect DEI principles. As part of our commitment to promoting DEI principles, we signed the CEO Action for Diversity & Inclusion pledge in 2020, and since that year, our DEI Steering Committee has actively worked to establish goals and initiatives for our DEI program.
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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.
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Employee Engagement We have been recognized as a Great Place to Work® based on employee satisfaction surveys for four consecutive years. We analyze the survey results to identify opportunity areas for enhancing employee satisfaction and engagement. Training and Development We continually invest in the training and development of our people.
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Education opportunities are offered within our organization and through attendance at industry conferences, seminars, and company offered resources, like LinkedIn Learning. To promote career advancement, leadership training opportunities are available to managers and high-potential employees who are identified as possible successors for senior-level roles.
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We believe that mentorship within our organization supports employee development while building a sense of inclusion and increasing employee engagement and satisfaction.
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We are committed to building our own talent pipeline and are thrilled that many of our interns return to Acadia to work with us as full-time employees. We seek to consider a diverse pool of candidates for our internship program through partnerships with external organizations.
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Health and Wellness All of our employees are eligible to participate in our Wellness at Acadia Program, which is focused on education, awareness, and fitness classes, and is coordinated by our Wellness Team, comprised of members across our company with an active interest in wellness programming.
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Day-to-day management of our ESG program, including developing and guiding the implementation of our ESG initiatives, is performed by our full-time dedicated Director of ESG and our internal ESG Committee, comprised of senior leaders and representatives from various departments.
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The ESG Committee meets regularly, at least quarterly, and provides periodic updates on our ESG program to our Chief Executive Officer and the Board. We maintain an Enterprise Risk Management (“ERM”) plan to identify and formulate responses to the most critical risks to operations, including those related to climate change and environmental impact.
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ERM planning serves as an additional forum for the integration of ESG considerations into our business operations. In addition to a dedicated team of professionals, we have established ESG policies and procedures that inform and guide our ESG approach and drive our ESG goals forward, including a firm-wide ESG Policy and a Tenant Sustainability Guide.
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We continue to align our reporting with the Task Force on Climate-Related Financial Disclosures (“TCFD”), the Sustainability Accounting Standards Board (“SASB”), and Global Reporting Initiative (“GRI”) frameworks. We seek to align our ESG strategy and goals with certain United Nations Sustainable Development Goals ("UN SDGs"), such as goals to combat climate change and to promote the sustainability of our communities.
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Understanding climate-related risks to our portfolio enables us to implement mitigation measures, including increased insurance coverage and physical enhancements, such as waterproofing systems, as necessary.
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In addition, we established a GHG emissions reduction goal for scope 1 and 2 emissions in our portfolio in an effort to reduce our exposure to, and our contribution to, the negative impacts of climate change. See also Item 1A. Risk Factors — Climate change and natural disasters could adversely affect our properties and business.
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We engage in renewable energy projects through leasing roof and parking lot space at our properties for solar panel arrays and electric vehicle charging stations. 11 Our water management program focuses on monitoring and reducing common area water consumption, while encouraging water management practices by our tenants.
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We leverage technology to track and analyze water consumption at our properties to identify and decrease excessive use. A majority of our properties benefit from the use of a landscape design focused on drought-resistant, native, pollinator-friendly plantings that save water.
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These initiatives include, for example, installing LED lighting and automatic occupancy sensors for lighting and equipment, recycling programs, implementing electronic communication systems for tenant billing, and using low-flow faucets. Our corporate headquarters is easily accessible by public transit due to the close proximity to two train stations, helping to reduce air pollution and greenhouse gas emissions from employee travel.
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As a result of sustainability efforts made at our corporate headquarters, we were awarded the Outstanding Achievement in Land Use Award by the Green Business Partnership in 2019. Social DEI are fundamental values of our business.
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For additional details regarding our DEI Program, as well as employee engagement, employee training and development, and employee health and wellness initiatives, see Item 1. Business - Human Capital. Our company supports employee volunteerism and philanthropy. We engage with local charitable and volunteer organizations to connect with those in need and provide support to our communities.
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We value the importance of community engagement through the facilitation of events at our properties. We partner with local communities and non-profit organizations to host community events and fundraisers throughout our portfolio. The health and well-being of our tenants and their employees and customers are important to us.
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Our property managers conduct regular inspections, repairs and improvements to maintain safe and secure shopping centers and enhance the retail experience. We strive to respect and promote human rights in accordance with the UN Guiding Principles on Business and Human Rights. We support freedom of association as proclaimed in the Universal Declaration of Human Rights.
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Governance We are dedicated to maintaining a high standard for corporate governance predicated on integrity, ethics, diversity, and transparency. All of our Board members stand for re-election every year.
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We seek to maintain a diverse Board primarily comprised of independent trustees who represent a mix of varied experience, backgrounds, tenure, and skills to ensure a broad range of perspectives is represented.
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In 2021, our NCG Committee formally committed in its charter to seek to include candidates with a diversity of race, ethnicity, and gender in the pool from which it selects trustee candidates.
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The Committee annually reviews the composition of the Board and recommends measures to seek to achieve the appropriate balance of knowledge, experience, skills, expertise, and diversity of backgrounds on the Board to enable the Company to execute its strategic plan and achieve its objectives.
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As of December 31, 2023, two of our eight independent trustees are female and one independent trustee represents racial and ethnic diversity. Additionally, we regularly monitor developments in the area of corporate governance and seek to enhance our corporate governance structure based upon a review of new developments and recommended best practices, considering investor feedback.
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Through transparency, alignment of interests, and removal of potential conflicts of interests, we ensure that our decisions and actions advance the interests of our shareholders, employees, and other stakeholders.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Item 7A. Quantitative and Qualitative Disclosures about Market Risk of this Report. We maintain a share repurchase program that authorizes management, at its discretion, to repurchase up to $200.0 million of outstanding Common Shares. The program may be discontinued or extended at any time. We did not repurchase any shares during the years ended December 31, 2023, 2022 or 2021.
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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.
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As of December 31, 2023, management may repurchase up to approximately $122.5 million of Common Shares under the program. See Note 10 . We also maintain an at-the-market equity issuance program (the "ATM Program") 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.
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Currently, we manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements.
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Through the ATM Program, we have been able to effectively “match-fund” a portion of the required capital for our Core Portfolio and Fund acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy.
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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.
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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.
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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.
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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 Fund acquisitions, the repayment of outstanding indebtedness and for other general corporate purposes. During the year ended December 31, 2023, we did not issue any Common Shares under our ATM Program.
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If we decided to employ higher leverage levels, we would be subject to increased debt service requirements and a higher risk of default on our debt obligations, which could adversely affect our financial conditions, cash flows and ability to make distributions to our shareholders.
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During the year ended December 31, 2022, we issued 5,525,419 Common Shares under our ATM Program for gross proceeds of $123.9 million. During the year ended December 31, 2021, we issued 2,889,371 Common Shares under our ATM Program for gross proceeds of $64.9 million. See Note 10 .
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In addition, increases or changes in interest rates could cause our borrowing costs to rise and may limit our ability to refinance debt.
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In January 2024, we completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million ( Note 17 ). 8 Operating Strategy — Experienced Management Team with Proven Track Record Our senior management team has decades of experience in the real estate industry.
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The 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.
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We have capitalized on our expertise in the acquisition, development/redevelopment, leasing, and management of retail real estate by creating value through property development/redevelopment, re-tenanting and establishing joint ventures, such as the Funds, in which we earn, in addition to a return on our equity interest, promotes, priority distributions and fees.
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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.
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Operating functions such as leasing, property management, construction, finance and legal are generally provided by our personnel, providing for a vertically integrated operating platform. INVESTING ACTIVITIES See Item 2. Properties for a description of the properties in our Core and Fund portfolios. See Significant Developments under
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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.
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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.
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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.
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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.
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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.
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As of December 31, 2024, and 2023, we had consolidated notes receivable of $126.6 million and $124.9 million, respectively.
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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%.
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Conversely, if interest rates decrease by 1%, the fair value of our total outstanding notes receivable would increase by approximately $0.6 million.
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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.
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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.
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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%.
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Conversely, if interest rates decreased by 1%, the fair value of our total outstanding debt would have increased by approximately $6.6 million.
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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.
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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

Other AKR 10-K year-over-year comparisons