Short answer
ACADIA REALTY TRUST (AKR) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $411M (+14.2% year over year) and net income of $17M.
- Top risk flagged: Debt maturity concentration $94.4M on 840 N. Michigan due Dec 2026 with 6.50% effective interest rate
FY2025 key financial metrics · XBRL
- Revenue
- $411M
- +14.2% YoY
- Net income
- $17M
- −22.0% YoY
- Operating margin
- 12.0%
- −6.2 pp YoY
- EPS (diluted)
- $0.10
- −47.4% YoY
- ROE
- 0.8%
- −0.3 pp YoY
- Operating cash flow
- $167M
- +18.9% YoY
Source: XBRL data from the ACADIA REALTY TRUST (AKR) FY2025 10-K on SEC EDGAR. USD.
ACADIA REALTY TRUST FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Acquisition, development, and management of retail properties in supply-constrained, densely populated markets with high household incomes
- Emphasis on development activities with significant risk factors including construction delays, cost overruns, financing challenges, and regulatory approvals
- Strategic focus on private equity-type investments and joint ventures in operating retailers, exposing the company to retail operational risks alongside real estate risks
- Outstanding indebtedness $1.873B as of 12/31/2025, with $370.6M variable-rate debt and 80.2% fixed or effectively fixed interest rate debt
- New disclosure of significant reliance on third-party cloud vendors for network and data security, with risks from service interruptions or cyber events
Management Discussion & Analysis
- Revenue growth: REIT Portfolio NOI $157.6M in 2025 vs $140.3M in 2024, up 12.3% YoY ($17.3M increase)
- Same-Property NOI +5.7% YoY to $139.1M from $131.6M; Same-Property Revenues $193.3M vs $186.9M; Operating Expenses $54.1M vs $55.3M
- Funds from Operations (FFO) $162.9M in 2025 vs $130.2M in 2024, up 25.1%
- Best performing segment: REIT Portfolio NOI +12.3% YoY to $157.6M; Worst: Operating expenses slightly decreased but no specific worst segment detailed
- Capital allocation: $107.3M dividends/distributions; $415.9M acquisitions/investments including increase in Renaissance Portfolio ownership; $28.5M mezzanine & preferred equity loans; $65.8M development capex; $44.1M tenant improvement commitments
- Forward outlook: 26 properties under development/redevelopment with estimated completion cost $102.7M-$133.6M through 2028; risks include inflation, high interest rates, tariffs affecting development costs
Risk Factors
- Debt maturity concentration $94.4M on 840 N. Michigan due Dec 2026 with 6.50% effective interest rate
- Real estate impairment charges $37.2M in 2025 vs $1.7M in 2024, pro-rata share $8.9M reflect increased asset risk
- Limited liquidity with $38.8M cash on hand vs $450.5M net cash used in investing activities in 2025
- Potential limited financing options despite $2.4B unencumbered property value across 142 properties
- $295.5M unsettled forward equity contracts under ATM program expose to market price volatility
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.