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- **5%+ Growth Engine**: Consistent with 2025 guidance, Q2 executed $7.5M in leases (3.5% of ABR) and maintains 5-6% same-store NOI growth target. 
- **$15M Pipeline Impact**: Signed-but-not-open leases expected to add $3M in H2 2025 earnings and $8.5M in 2026 NOI. 
- **Balance Sheet Strength**: $600M liquidity, 5.5x net debt/EBITDA, and 4.6% all-in cost on new $250M term loan. 
- **Street Retail Premium**: 20-25% mark-to-market spreads in key corridors, with 50%+ of leases still under market. 
- **Suburban Stability**: 92.2% total occupancy (up 50bps QoQ) with minimal tenant defaults despite macro noise.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue grew 15% YoY, driven by street retail portfolio recovery in key markets like Williamsburg, Brooklyn, and SoHo. 
- **Internal Growth Strategy**: Aiming for 5%+ annual same-store NOI growth, with 2025 guidance reaffirmed at 5-6%. Q2 executed $7.5M in new leases (3.5% of ABR), up 100% YoY. 
- **External Growth**: $160M in Q2 acquisitions ($860M LTM), focused on street retail with 5+ year CAGR >5%. $15M pipeline of signed-but-not-open leases expected to contribute $3M in H2 2025 earnings. 
- **Balance Sheet Strength**: $600M liquidity, 5.5x net debt/EBITDA, and successful $250M term loan refinancing at 4.6% all-in cost. 

**【CFO Financial Commentary】**
- **Earnings Performance**: NAREIT FFO of $0.27/share (8% YoY growth), tracking to 10% YoY growth at midpoint of 2025 guidance. 
- **Leasing Momentum**: 92.2% total occupancy (up 50bps QoQ), with street/urban portfolio occupancy >90%. 
- **Pipeline Impact**: $15M pipeline of signed leases (7% of ABR) expected to drive $8.5M in 2026 NOI, with 63% accretive to same-store NOI. 
- **Investment Management**: $30M+ projected net profits from $2B+ AUM in 2025, complementing core operations. 

**【Q&A Highlights】**
- **Street Retail Resilience**: 20-25% mark-to-market spreads on Armitage Avenue, with 50%+ of leases still under market. Williamsburg portfolio shows 20%+ rent growth potential. 
- **Suburban Portfolio**: Outperforming expectations despite lack of new development, with minimal tenant defaults. 
- **Capital Allocation**: $800M+ equity raised to fund accretive street retail acquisitions, with no near-term dilution concerns. 
- **City Point Update**: Partners may convert interests in 2025, with $0.03/share potential dilution but long-term accretion through asset stabilization.

Acadia Realty Trust (AKR)-30 Jul 25-2025 Q2 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AKR

AKR fundamentals

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