The maintained FFO guidance and strong same-property NOI growth support the operational trajectory, but the net earnings guidance cut and elevated leverage (5.8x net debt/EBITDA) warrant monitoring. Watch for the pace of leasing at the Henderson Avenue development and the impact of the $120M Sunset Park structured finance investment on future earnings.
How the stock moved after the report
⚠ Clustered NEUTRAL VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 2 $19.39entry
- T+1 · yesterday −1.24%α −1.54% · $19.15
- T+2 · todayOpen
- T+5 · in 4d Pending
- T+20 · in 26d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
Acadia Realty Trust reported Q3 2026 FFO As Adjusted of $0.31 per share, up from $0.29 in Q3 2025, in line with the $0.31 consensus. Same-property NOI grew 10.2% year-over-year, driven by 15.2% growth in street retail. The company maintained its full-year FFO As Adjusted guidance of $1.24-$1.26 per share but revised net earnings per share guidance down to $0.29-$0.30 from $0.40-$0.41 due to an $11.7 million impairment charge on two properties being sold.
Key Financial Metrics
Key Facts
- FFO As Adjusted per diluted share was $0.31 for Q3 2026, up from $0.29 in Q3 2025, in line with the $0.31 consensus estimate.
- Same-property NOI increased 10.2% year-over-year in Q3 2026, with street retail up 15.2%.
- Full-year 2026 FFO As Adjusted guidance maintained at $1.24-$1.26 per share; net earnings guidance revised to $0.29-$0.30 from $0.40-$0.41 due to an $11.7 million impairment charge.
- REIT Portfolio NOI at pro-rata share was $46.6 million for Q3 2026, up from $39.2 million in Q3 2025.
- The company completed approximately $152 million of accretive street retail acquisitions in the REIT Portfolio during Q3 2026.
- Net Debt to Annualized Adjusted EBITDA was 5.8x as of September 30, 2026, up from 5.1x at June 30, 2026.
Financial Impact
FFO As Adjusted of $0.31 per share in line with consensus; same-property NOI growth of 10.2% YoY; net earnings per share of -$0.03 due to $11.7M impairment charge.
Risk Factors
- Net Debt to Annualized Adjusted EBITDA increased to 5.8x from 5.1x in the prior quarter, indicating higher leverage.
- GAAP net loss of $0.03 per share driven by an $11.7 million impairment charge on two properties being sold.
- Economic occupancy declined 20 bps to 94.2% due to acquired vacancy; excluding acquired vacancy, occupancy would have been flat to slightly up.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-442719 |
| Document: akr-ex99_1.htm | 0001193125-26-442719 |
| Document: akr-20261102.htm | 0001193125-26-442719 |
| Document: 0001193125-26-442719-index-headers.html | 0001193125-26-442719 |
| Document: 0001193125-26-442719-index.html | 0001193125-26-442719 |
| Document: 0001193125-26-442719.txt | 0001193125-26-442719 |
| 8-K Data (Synthetic) | 0001193125-26-442719 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 1d ago | 8-K | $19.34 | awaiting T+60 | awaiting T+60 | $19.87 (+2.74%) |
Nov 3, 2026 1d ago | 424B5 | $19.34 | awaiting T+60 | awaiting T+60 | $19.87 (+2.74%) |
Nov 3, 2026 1d ago | S-3ASR | $19.15 | awaiting T+60 | awaiting T+60 | $19.87 (+3.76%) |
Nov 2, 2026 1d ago | Institutional Cluster | $19.15 | awaiting T+60 | awaiting T+60 | $19.87 (+3.76%) |
Nov 2, 2026 2d ago | 8-K | $19.39 | awaiting T+60 | awaiting T+60 | $19.87 (+2.48%) |
Oct 30, 2026 5d ago | SC 13G | $19.03 | awaiting T+60 | awaiting T+60 | $19.87 (+4.41%) |
Oct 19, 2026 16d ago | 8-K | $18.48 | awaiting T+60 | awaiting T+60 | $19.87 (+7.52%) |
Aug 3, 2026 13w ago | Institutional Cluster | $21.66 $18.86 | ▼ −12.93% | ▼ −13.30% | $19.87 (−8.26%) |
Jul 28, 2026 14w ago | 8-K | $22.63 $18.78 | ▼ −17.01% | ▼ −21.74% | $19.87 (−12.20%) |
Jun 11, 2026 20w ago | 424B5 | $21.97 $20.29 | ▲ +7.65% | ▲ +12.04% | $19.87 (+9.56%) |
US Market Status
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