Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.34 per share, which includes $0.06 from Whole Foods related to rents and recoveries, as well as termination payments [41] - Same store NOI growth was reported at 4.1%, with the Street retail portion growing 6.8% for the quarter, outperforming suburban assets by over 400 basis points [49][38] - The company achieved a debt to EBITDA ratio of 5.7 times for the quarter, remaining within the targeted range of 5.5 to 6 times [50] Business Line Data and Key Metrics Changes - The Street retail segment continued to show strong performance, with a signed not yet open pipeline increasing by over 15% to approximately $9 million of ABR [44] - New core leases signed totaled over $5 million in ABR, with 95% of that income coming from street locations [19] - The company closed over $370 million in acquisitions year to date, including targeted street retail acquisitions [30] Market Data and Key Metrics Changes - Consumer spending remained resilient, particularly among affluent consumers, with double-digit sales growth observed in key street markets [20][12] - Apparel sales in the Georgetown portfolio were up 15% year over year, while sales in the Armitage Avenue portfolio increased by 12% [23][24] - The company noted that the affluent consumer demographic has proven resilient to price increases driven by inflation or tariffs [21] Company Strategy and Development Direction - The company aims to be a dominant owner-operator of street retail in key corridors, focusing on acquisitions that are accretive to earnings and enhance the portfolio [14] - The strategy includes opportunistically adding assets through the investment management platform, leveraging institutional capital relationships [15] - The company is positioned to take advantage of market disruptions, with a focus on motivated sellers and off-market transactions [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued internal growth driven by strong tenant demand and limited new supply in key markets [6][13] - The company is monitoring inflationary pressures and economic slowdowns but believes that strong demand will mitigate long-term declines [10][12] - Management remains optimistic about achieving 5% to 6% full-year same store NOI growth, supported by a robust pipeline of leasing deals [49][47] Other Important Information - The company has raised approximately $800 million last year and to date, providing liquidity to weather market volatility [16] - The company is actively engaged in several investment management opportunities, with expectations of increased activity in the current market environment [35] Q&A Session Summary Question: Will the signed not yet open (SNO) continue to accelerate and exceed 6% of ABR by year-end 2025? - Management indicated that they expect continued growth in SNO, with $3 million expected to roll into the second half of the year, maintaining optimism for replenishing that growth [54] Question: Can you discuss opportunistic investing during downturns and the typical sellers? - Management noted that sellers could include institutional investors seeking liquidity or different operating partners, but it is too early to predict specific outcomes [55][56] Question: What types of tenants went away post-COVID, and how does consumer demand look? - Management highlighted that there was not significant turnover, with many new leases signed with relevant brands, indicating strong consumer demand [62] Question: How confident is the company in achieving 10% underlying growth in the Street portfolio? - Management expressed confidence in achieving growth, particularly from the signed not yet open pipeline, which is primarily from the Street segment [67] Question: Has there been any change in the frequency of touchpoints with tenants post-April 2? - Management reported no noticeable change in leasing velocity or tenant responsiveness, with continued strong sales and demand [84]

Core Viewpoint - Acadia Realty Trust reported quarterly funds from operations (FFO) of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and showing a year-over-year increase from $0.33 per share [1] Financial Performance - The company achieved revenues of $104.39 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.52%, compared to $91.36 million in the same quarter last year [2] - Over the last four quarters, Acadia Realty Trust has exceeded consensus revenue estimates three times [2] Stock Performance - Acadia Realty Trust shares have declined approximately 18.1% since the beginning of the year, while the S&P 500 has decreased by 6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.32 on revenues of $96.9 million, and for the current fiscal year, it is $1.36 on revenues of $400.6 million [7] - The estimate revisions trend for Acadia Realty Trust is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry is ranked in the top 29% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Financial Performance - Total revenues for Q1 2025 were $104,394, with rental income contributing $102,640[16] - Net loss attributable to Acadia shareholders was $1,608 for the quarter[16] - Total expenses for the quarter amounted to $89,070, with depreciation and amortization accounting for $39,440[16] - The company reported a net operating income of $61,741 from its core portfolio and investment management[18] - Total revenues for the quarter ended March 31, 2025, were $16,248,000, while total expenses were $6,365,000, resulting in a net operating income of $9,883,000[19] - The company's net income attributable to Acadia shareholders for the quarter was $13,265,000, compared to a loss of $1,713,000 from the previous period[19] - The company recognized impairment charges of $4,867,000 during the quarter[19] - Net income attributable to Acadia for the quarter ended March 31, 2025, was $1,608,000, a decrease of 50.8% compared to $3,269,000 in the same quarter of 2024[26] - Funds from operations (FFO) for the quarter was $44,583,000, up 43.9% from $30,957,000 year-over-year[26] - Adjusted funds from operations (AFFO) decreased slightly to $36,756,000 from $37,265,000, reflecting a 1.4% decline[26] - EBITDA for the quarter increased to $57,129,000, a rise of 10.4% compared to $51,882,000 in the prior year[29] - Total revenue for the quarter was $47,636,000, representing a 2.6% increase from $46,445,000 in the same quarter of 2024[32] - Same Property Net Operating Income (NOI) for core properties increased by 4.1% to $33,841,000 from $32,503,000 year-over-year[32] Market Capitalization and Debt - Total market capitalization as of March 31, 2025, was $4,059,944, with equity capitalization at $2,857,707, representing 70%[11] - The company had consolidated debt of $1,634,273, which adjusted for pro-rata share results in total debt capitalization of $1,202,237, or 30%[11] - The total assets of the company as of March 31, 2025, amounted to $4,735,676,000, with total liabilities at $1,947,033,000[21] - The company has a total equity of $2,762,746,000, which includes $2,297,960,000 attributable to Acadia shareholders[21] - The net debt decreased to $1,165,904,000 in Q1 2025 from $1,320,824,000 in Q1 2024, a reduction of approximately 12%[58] - The Debt/EBITDA ratio improved to 5.7x in Q1 2025 from 6.6x in Q1 2024, suggesting better leverage management[58] Occupancy and Leasing - Physical occupancy at the end of the period was 91.6%, slightly down from 92.0% in the prior year[32] - The overall leased occupancy rate stands at 87.8%, while in-place occupancy is at 84.0%[84] - The highest performing property, Melrose Place Collection, achieved a 100% occupancy rate with an ABR of $224.57 per square foot[84] - The total number of properties in the core portfolio is 27, with a diverse range of tenants including major brands like Starbucks and Sephora[85] - The company continues to focus on maintaining high occupancy rates across its properties[86] - The weighted average lease term for new leases is 4.8 years, while for renewal leases it is 6.6 years[95] Capital Expenditures and Investments - Total capital expenditures for the quarter ended March 31, 2025, were $7,245 million, a significant increase from $3,412 million in the same quarter of the previous year, representing a 112% year-over-year growth[99] - Total acquisitions amount to $502.003 million, with a significant portion from the Renaissance Portfolio at $245.7 million[42] - The company plans to acquire properties including 106 Spring Street for $55.137 million and 73 Wooster Street for $25.459 million, both in January 2025[42] Funds and Returns - Cumulative contributions across all funds reached $1,992.3 million, with Fund II contributing $559.4 million and Fund III contributing $448.1 million[101] - Cumulative net distributions totaled $1,154.6 million, with Fund II showing a distribution of $172.9 million and Fund III at $603.5 million, indicating a strong return on investments[101] - The net distributions to contributions ratio for Fund II was 30.9%, while Fund III achieved a remarkable 134.7%, highlighting the performance of these funds[101] - Acadia's commitment across all funds amounted to $644.0 million, with Fund IV having the largest commitment of $104.5 million[101] Financial Definitions and Measures - The company defines Funds from Operations (FFO) as net income excluding gains or losses from property sales, depreciation, and amortization, which is widely accepted in the REIT community[121] - Adjusted Funds from Operations (AFFO) is defined as FFO adjusted for straight-line rent, non-real estate depreciation, and other costs, providing a clearer picture of operational performance[122] - The company calculates EBITDA as net income before extraordinary items plus interest expense, depreciation, income taxes, and amortization, less any gains or losses on property sales[125]

Company Overview - Acadia Realty Trust (AKR) is headquartered in Rye and has experienced a price change of -22.64% this year [3] - The company currently pays a dividend of $0.2 per share, resulting in a dividend yield of 4.28%, which is slightly below the REIT and Equity Trust - Retail industry's yield of 4.57% and significantly above the S&P 500's yield of 1.68% [3] Dividend Performance - Acadia Realty Trust's current annualized dividend of $0.80 represents an 8.1% increase from the previous year [4] - Over the past 5 years, the company has increased its dividend twice on a year-over-year basis, averaging an annual increase of 6.36% [4] - The current payout ratio is 59%, indicating that the company paid out 59% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $1.36 per share, reflecting a 6.25% increase from the previous year [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - High-growth firms or tech start-ups typically do not offer dividends, while larger, established companies are often viewed as better dividend options [7] - Acadia Realty Trust is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[10] - The company reported a net income of $300 million, which is a 10% increase compared to the previous year[10] - Future guidance indicates a potential increase in operating margins by 2% as efficiency measures are implemented[10] - The company expects to achieve a revenue target of $1.5 billion for the next fiscal year, reflecting a 25% growth forecast[10] User Growth - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[10] Product Development - New product launches are anticipated to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[10] - The company has allocated $50 million for research and development to drive innovation in product offerings[10] Market Expansion - The company plans to expand its market presence by entering three new geographic regions by the end of the fiscal year[10] - A strategic acquisition of a competitor is in progress, expected to enhance market share by 10%[10] Operational Challenges - Operating expenses increased by 5% due to higher marketing costs associated with new product launches[10] - The company faces risks related to investments in real estate that could adversely affect its financial condition, cash flows, and ability to satisfy debt service obligations[19] - Revenues derived from tenants are crucial, and a decrease in those revenues could impact the company's ability to make distributions to shareholders[19] - The company may not be able to renew current leases or may face less favorable terms for re-letting properties[19] - E-commerce trends could negatively impact the business of current tenants and future leases, affecting the company's financial condition[19] - The company is exposed to risks associated with environmental matters, which could lead to potential liabilities[19] - The company may experience increased borrowing costs due to rising interest rates, which could limit its ability to refinance debt[19] Growth Opportunities and Risks - The company has pursued extensive growth opportunities, which may place significant demands on its operational and financial resources[24] - Compliance with REIT requirements may limit the company's operational flexibility and ability to capitalize on attractive investment opportunities[24] - The company is subject to risks related to market conditions that could adversely affect its share price and access to public equity markets[24] - Climate change and natural disasters pose risks that could adversely affect the company's properties and overall business[24]

Financial Data and Key Metrics Changes - The company reported fourth-quarter earnings of $0.32 per share, representing a year-over-year growth of approximately 15% from $0.28 in the prior year [55] - Same-store NOI grew by 5.7% for both the quarter and the full year, with expectations of 5% to 6% same-store growth projected for 2025 [51][52] - Year-over-year FFO growth was 5% in 2024, with an anticipated growth of 5.5% in 2025 [52] Business Line Data and Key Metrics Changes - The company signed over 50 new leases totaling over $13.5 million of annual rent, equivalent to nearly 10% of total ABR, with overall spreads for the year totaling approximately 35% [23] - The street retail portfolio reported year-over-year sales growth exceeding 15% in SoHo and consistent double-digit sales growth in other key markets [25][26] - Rents on the street increased by 50% over the last 12 months, driven by strong demand and effective tenant curation [30] Market Data and Key Metrics Changes - The company has seen strong retail fundamentals, with high-growth streets outperforming the overall market [25] - Occupancy costs for apparel tenants on M Street are hovering just north of 12%, indicating significant room for rent growth [31] - The company is focusing on key corridors with supply constraints, which are essential for future growth [99] Company Strategy and Development Direction - The company aims to be the dominant owner-operator of street retail in the U.S., focusing on strategic acquisitions in key markets [12][17] - The strategy includes leveraging scale and geographic reach to drive rents and improve merchandising on high-demand streets [30] - The company is committed to match funding acquisitions on a disciplined basis, ensuring that investments are accretive to earnings and net asset value [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of a higher-yielding bond market and potential interest rate increases but remains optimistic about tenant top-line growth translating into rental growth [8][10] - The company is confident in its ability to continue adding value through internal growth and strategic investments, with a strong pipeline for 2025 and beyond [20][72] - Management believes that the current retail environment presents significant opportunities for growth, particularly in street retail [48] Other Important Information - The company completed over $600 million in acquisitions, with a focus on street retail in key markets [17][39] - The balance sheet remains strong, with a debt-to-EBITDA ratio reduced to 5.5 times, and no meaningful core maturities until 2028 [72] Q&A Session Summary Question: How does the company think about the concept of scale in its street portfolio? - Management indicated that scale works best when owning the right assets in key corridors, which allows for better rent drives and tenant curation [76][78] Question: What is the expected acquisition volume split between Core and Investment Management in 2025? - Management expects to replicate last year's acquisition volume in the Core segment, while the Investment Management Platform will be more opportunistic [82] Question: What is the impact of a 1% increase in occupancy on the street and urban portfolio? - Management noted that peak occupancy was around 97%, and they expect to reach 90% occupancy in the near term, which would significantly enhance revenue [90][129] Question: How is the competition for street retail M&A evolving? - Management acknowledged increased competition for open-air retail but emphasized that their reputation and relationships position them well to capitalize on opportunities [114][118]

Group 1 - Acadia Realty Trust reported quarterly funds from operations (FFO) of $0.32 per share, missing the Zacks Consensus Estimate of $0.33 per share, but showing an increase from $0.28 per share a year ago, resulting in an FFO surprise of -3.03% [1] - The company posted revenues of $93.33 million for the quarter ended December 2024, which was 0.92% below the Zacks Consensus Estimate, compared to $85.51 million in the same quarter last year [2] - Acadia Realty Trust has surpassed consensus revenue estimates three times over the last four quarters, indicating some volatility in performance [2] Group 2 - The stock has underperformed the market, losing about 3.7% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The future performance of Acadia Realty Trust's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - Current consensus FFO estimate for the coming quarter is $0.31 on revenues of $97.5 million, and for the current fiscal year, it is $1.34 on revenues of $403.4 million [7] Group 3 - The estimate revisions trend for Acadia Realty Trust is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The REIT and Equity Trust - Retail industry is currently in the top 29% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Performance - Total revenues for Q4 2024 were $93.334 million, with rental income contributing $91.579 million, representing a year-over-year increase [16]. - Net income attributable to Acadia Shareholders for Q4 2024 was $8.524 million, compared to $21.650 million for the full year [16]. - The company reported total expenses of $76.571 million for Q4 2024, with depreciation and amortization accounting for $35.189 million [16]. - Total Revenues for the year ended December 31, 2024, were $340,900,000, with a quarterly revenue of $87,650,000 [18]. - Net Operating Income for properties was $229,905,000 for the year, with a quarterly figure of $59,267,000 [18]. - Net Income attributable to Acadia shareholders for the year was $21,650,000, with a quarterly net income of $8,524,000 [18]. - Total Expenses for the year were $110,995,000, with quarterly expenses amounting to $28,383,000 [18]. - Interest income for the year was $25,085,000, while quarterly interest income was $6,575,000 [18]. - Total Fee and Other Income for the year was a loss of $2,826,000, with a quarterly gain of $1,962,000 [18]. - The company reported unrealized losses on marketable securities of $4,616,000 for the year, with quarterly unrealized gains of $949,000 [18]. - Funds from Operations (FFO) before special items for the year ended December 31, 2024, was $148,976,000, an increase from $133,105,000 in 2023 [29]. - EBITDA for the quarter ended December 31, 2024, was $53,277,000, up from $45,588,000 in the same quarter of 2023 [32]. - The FFO per common share for the year ended December 31, 2024, was $1.12, compared to $1.28 in 2023 [29]. - The Adjusted Funds from Operations (AFFO) increased to $32,510,000 in Q4 2024 from $24,335,000 in Q4 2023, marking a rise of 33.8% [60]. - The company declared dividends of $0.19 per share in Q4 2024, up from $0.18 per share in Q4 2023, reflecting a 5.6% increase [60]. Market Capitalization and Debt - The total market capitalization as of December 31, 2024, was $4.189 billion, with equity capitalization making up 72% of this total [9]. - The consolidated debt stood at $1.547 billion, with total debt capitalization representing 28% of the total market capitalization [9]. - Net Debt as of December 31, 2024, was $1,150,537,000, down from $1,433,551,000 in 2023, indicating a reduction of 19.7% [60]. - The Debt/EBITDA ratio improved to 5.5x in 2024 from 7.1x in 2023, highlighting better leverage management [60]. - Total debt for the Core Portfolio amounts to $1,072,218,000, with a pro-rata share of $878,923,000 [67]. - Total debt for Investment Management is $1,275,085,000, with a pro-rata share of $299,294,000 [69]. - The total debt for both Core Portfolio and Investment Management is $2,347,303,000, with a pro-rata share of $1,178,217,000 [69]. Property and Portfolio Management - Acadia Realty Trust's core portfolio focuses on high-quality retail properties in dynamic retail corridors, indicating a strategy for market expansion [4]. - The company is actively expanding its market presence with new acquisitions and strategic investments in various properties across key locations [43]. - Total acquisitions for the year amounted to $687,477,000, with significant properties acquired in New York and Texas [43]. - Total dispositions for the year were $179,876,000, including notable sales in New York and New Jersey [43]. - The company plans to expand its portfolio with new acquisitions in urban retail locations, focusing on high-traffic areas [86]. - The company is focusing on enhancing its portfolio by integrating new technologies and sustainable practices in property management [87]. Occupancy and Rental Income - The company reported a physical occupancy rate of 93.1% and a leased occupancy rate of 95.8% at the end of the period, showing consistent occupancy levels [34]. - Minimum rents increased by 6.6% to $36,851,000 for the quarter, compared to $34,572,000 in the prior year [34]. - The average Base Rent (ABR) across the portfolio is $53.00 per square foot, with the highest ABR recorded at $340.50 per square foot [85]. - The company achieved a 100% occupancy rate in several key properties, including the 165 Newbury Street and the Elmwood Park Shopping Center [87]. - The total annual base rent (ABR) for the core portfolio is $164,599,800, with an average ABR per square foot of $36.51 [90]. - The company’s core portfolio includes properties with an average occupancy rate of 93.1% [90]. Future Guidance - Future guidance for 2025 includes continued focus on opportunistic and value-add investments through its investment management platform [4]. - 2025 guidance for net earnings per share attributable to Acadia shareholders is projected between $26.2 million ($0.22/share) and $32.1 million ($0.27/share), compared to 2024 actuals of $21.7 million ($0.19/share) [48]. - Funds from Operations (FFO) before special items per share is expected to range from $1.30 to $1.39, up from $1.28 in 2024 [50]. - The company anticipates same property net operating income growth of 5.0% to 6.0% for 2025, compared to 5.7% in 2024 [50]. Capital Expenditures and Investments - Total capital expenditures for the year amounted to $20.743 million, down from $25.153 million in the previous year [101]. - The company’s total capital expenditures for tenant improvements were $8.496 million for the year ended December 31, 2024 [101]. - The total estimated costs for redevelopment projects include $156 million for 555 9th Street in San Francisco, CA, with a TBD completion date [119]. - The company has a total of 15 redevelopment projects planned, with various completion dates and estimated costs [119]. Non-GAAP Financial Measures - The company defines Funds from Operations (FFO) as net income excluding gains or losses from property sales, depreciation, and amortization [121]. - Adjusted Funds from Operations (AFFO) is defined as FFO adjusted for straight-line rent, non-real estate depreciation, and other costs [122]. - The Company utilizes non-GAAP financial measures such as EBITDA, NOI, and same-property NOI to assist investors in analyzing performance [125].

Group 1: Company Performance - Acadia Realty Trust (AKR) has gained approximately 44.8% year-to-date, outperforming the average gain of 20.6% in the Finance group [4] - The Zacks Consensus Estimate for AKR's full-year earnings has increased by 0.6% over the past three months, indicating improved analyst sentiment and a stronger earnings outlook [3] - Acadia Realty Trust is ranked 1 in the Zacks Sector Rank among 871 companies in the Finance group [2] Group 2: Industry Comparison - Acadia Realty Trust belongs to the REIT and Equity Trust - Retail industry, which has an average gain of 8.5% year-to-date, further highlighting AKR's superior performance [5] - Another notable performer in the Finance sector is Amalgamated Financial (AMAL), which has increased by 28.3% year-to-date, but still lags behind AKR [4] - The Financial - SBIC & Commercial Industry, to which Amalgamated Financial belongs, has only gained 6.4% year-to-date, ranking 205 among 36 industries [6]

Financial Data and Key Metrics Changes - The company reported FFO of $0.32 per share, reflecting a sequential growth of $0.01 and a year-over-year increase of $0.05 or 20% when excluding realized gains on Albertson shares [64] - Same-store NOI growth was reported at 5.9% for the quarter and 5.7% for the year, trending towards the upper end of the 5% to 6% annual guidance [66] - The company maintained its full-year guidance, projecting a range of $0.32 to $0.34 for the fourth quarter [65] Business Line Data and Key Metrics Changes - The company signed a record $7 million in core leases during the third quarter, exceeding the total volume of leases signed in 2023 [31] - The signed not yet opened pipeline increased by over 20%, reaching approximately $10 million as of September 30 [67] - The capture of below-market spaces resulted in an incremental ABR of $1.6 million upon commencement of new leases, contributing to a total of approximately $11.6 million of incremental core ABR [68][71] Market Data and Key Metrics Changes - The company noted that rents in SoHo are up double digits year-over-year and 30% to 40% since 2019 [42] - In Williamsburg, rents have grown 40% to 50% since 2019 and 10% to 15% over the last year [45] - The demand on M Street in Georgetown has never been stronger, with year-over-year sales growth exceeding 10% [49] Company Strategy and Development Direction - The company aims to deliver strong internal growth primarily from its street retail portfolio, maintaining a strong balance sheet for liquidity and capacity to grow [8][9] - The focus is on accretive acquisitions that enhance earnings and net asset value, with $270 million of acquisitions closed or under contract [13][20] - Expansion plans include the Henderson Avenue project in Dallas, which is expected to stabilize at an 8% yield on cost [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue adding value through internal growth, a strong balance sheet, and strategic investments [27] - The company remains bullish on the retail environment, noting that retailers recognize the critical nature of physical stores and the benefits of omnichannel sales [100][101] - Management highlighted the importance of geographic diversification to capture growth opportunities across various markets [79] Other Important Information - The company has secured over $1 billion of debt and equity capital, reducing its debt to GAV to about 30% and debt-to-EBITDA ratio to 5.6 times [60][62] - The company is focused on maintaining a stable and profitable revenue stream from its investment management platform, with a goal of approximately $2 billion in AUM [26] Q&A Session Summary Question: Is the pace and level of opportunities indicative of future growth? - Management confirmed that the current pace reflects the hard work of the team and the alignment of market conditions, allowing for continued growth in accretive acquisitions [74] Question: How does the company deal with competition in street retail? - Management noted that competition is professional and manageable, allowing the company to leverage its expertise and cost of capital to secure favorable deals [75][76] Question: What percentage of NOI comes from NYC and future growth expectations? - Approximately one-third of core NOI comes from New York, with expectations for growth based on market opportunities [77][78] Question: Is the pipeline of deals more domestic or international? - Management indicated a healthy mix of both, with international brands increasingly entering markets like M Street [80] Question: How does occupancy cost compare across various markets? - Occupancy costs in established markets like SoHo are in the mid-teens, while newer markets like Bleecker are closer to 10%, indicating room for growth [89][90] Question: What is the potential size of the acquisition pipeline? - Management expressed confidence in the availability of several billion dollars in scalable assets, with a focus on accretive deals [92][96] Question: Will fund dispositions accelerate as off-balance sheet acquisition activity picks up? - Management suggested that while stability is assumed for now, there is potential for growth in the investment management platform [115][116]