Acadia Realty Trust(US:AKR)2025-06-18 06:01Business Overview - Acadia Realty Trust (AKR) operates with a dual platform strategy, focusing on a Core Portfolio and an Investment Management platform [6] - The Core Portfolio represents approximately 85% of AKR's Net Asset Value (NAV), amounting to around $3.5 billion in Assets Under Management (AUM) [9] - The Investment Management platform accounts for 15% of AKR's NAV, with approximately $2.5 billion in AUM [11] Portfolio Composition and Growth - Approximately 60% of the Core Portfolio is concentrated in key high-growth street retail corridors [18] - The company projects Core Internal Net Operating Income (NOI) growth of $30-$40 million, inclusive of 2024 and year-to-date 2025 acquisitions [20] - Recent street acquisitions of approximately $438 million are projected to grow in excess of 7% annually [20] Financial Performance and Guidance - The company's 2025 Funds From Operations (FFO) guidance midpoint is $1.36, representing a 5.5% growth [25] - The company's 2024 FFO was $1.28, reflecting 4.9% growth over the company's 2023 FFO of $1.22 [25] Strategic Acquisitions - The company completed approximately $816 million in acquisitions during 3Q24 and year-to-date 2025 [80] - Core acquisitions accounted for $439 million, while Investment Management acquisitions totaled $377 million [81] Balance Sheet - The company raised approximately $800 million in common equity in 2024 and year-to-date 2025 [63] - The company reduced pro-rata Debt/EBITDA for the Core and Investment Management platform to 5.7x [63]