At a glance
Acadia Realty Trust is worth $2.57B, about 186 times its fiscal 2025 earnings. Revenue grew 14.2% to $410.8M in fiscal 2025, with 4.1% kept as profit; over 5 years it has grown 10.4% a year. It pays a 4.3% dividend yield, and returned $350.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.4% over the past year with dividends reinvested and +1.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.7% in the 2020 crash (S&P 500: 33.7%) and 42.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 52 months and 21 months after the lows.
The business in plain English
Acadia Realty Trust is a real estate investment trust (REIT), a company that owns property and must pay out most of its taxable income as dividends. Acadia owns and manages retail property, from shops on busy city streets to open-air shopping centers. Most of it sits in densely populated US metro areas where little new space can be built. As of December 31, 2025, it owned or held a stake in 228 properties.
Most of its operating income comes from rent paid by retailers. Leases generally require tenants to pay their share of upkeep, real estate taxes and insurance, which softens the effect of inflation. Many leases have built-in rent increases. When older leases expire, Acadia aims to reset below-market rents to market levels. Revenue was $410.8 million in 2025, up 14.2% from 2024. Acadia also completed about $487.3 million of acquisitions that year.
The company runs two platforms. The core REIT Portfolio focuses on street retail in areas such as SoHo, Madison Avenue and Williamsburg in New York, Georgetown in Washington, D.C., Chicago's Gold Coast and Henderson Avenue in Dallas, plus suburban properties. The Investment Management arm runs four funds and other ventures with institutional partners. It earns management fees and sometimes performance-based fees, plus returns on its own stake. The funds no longer make new investments.
Price history
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AKR +1.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $95.0M, down 6% from a year earlier, and net income was $-3.6M (-164.0%).
- For fiscal 2025, revenue was $410.8M (+14.2% year over year; +10.4% a year from FY2020 to FY2025) with a 4.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.4% good |
|---|---|
| Operating margin | 12% watch |
| Return on equity (FY2025) | 0.8% weak |
| Return on assets (FY2025) | 0.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $250.9M | $-9.0M | — |
| FY2021 | $292.5M | $23.5M | — |
| FY2022 | $326.3M | $-35.4M | — |
| FY2023 | $338.7M | $19.9M | — |
| FY2024 | $359.7M | $21.6M | — |
| FY2025 | $410.8M | $16.9M | — |
Valuation snapshot
| Market value | $2.57B |
|---|---|
| P/E ratio | 186.2 |
| Dividend yield | 4.3% |
Rank among 1514 US companies
Market value at each year end
Acadia Realty Trust’s market value went from $2.64B at the end of 2016 to $2.57B on Oct 28, 2026, down 3%; since the end of 2025 it is down 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.57B | -4.4% |
| 2025 | $2.69B | -6.9% |
| 2024 | $2.89B | +78.5% |
| 2023 | $1.62B | +18.9% |
| 2022 | $1.36B | -29.4% |
| 2021 | $1.93B | +57.7% |
| 2020 | $1.22B | -45.7% |
| 2019 | $2.25B | +16.1% |
| 2018 | $1.94B | -15.2% |
| 2017 | $2.29B | -13.3% |
| 2016 | $2.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AKR price data to Oct 28, 2026 | -6.5% | +1.4% | +16.0% | +1.2% | -1.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.5% |
| 2025 | -11.5% |
| 2024 | +47.5% |
| 2023 | +24.3% |
| 2022 | -31.1% |
| 2021 | +58.3% |
| 2020 | -44.0% |
| 2019 | +13.7% |
| 2018 | -9.4% |
| 2017 | -13.2% |
| 2016 | +2.0% |
| 2015 | +6.7% |
| 2014 | +34.5% |
| 2013 | +2.4% |
| 2012 | +29.4% |
| 2011 | +14.6% |
| 2010 | +12.5% |
| 2009 | +24.9% |
| 2008 | -39.4% |
| 2007 | +6.4% |
| 2006 | +28.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.3% over that stretch · deepest drop along the way 65.5%, back to its old high 36.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.9% over that stretch · deepest drop along the way 47.7%, back to its old high 52.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.1% over that stretch · deepest drop along the way 42.7%, back to its old high 21.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (20 read): 0 open-market purchases and 1 sales ($553K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 6, 2026 | Reginald Livingston EVP and CIO | sell | $553K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17% | Jun 30, 2025 |
| COHEN & STEERS, INC. | 15.45% | Dec 31, 2024 |
| FMR LLC | 14.7% | Aug 29, 2025 |
| Cohen & Steers, Inc. | 14.13% | Jun 30, 2026 |
| Vanguard Portfolio Management | 10.01% | Feb 27, 2026 |
| T. Rowe Price Associates, Inc. | 7.4% | Dec 31, 2024 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.24% | Sep 30, 2026 |
| Wellington Management Group LLP | 2.5% | Dec 31, 2024 |
ETFs with the most weight in AKR
| BLDG Cambria Global Real Estate ETF | 1.07% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.7% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.62% |
| SVAL iShares US Small Cap Value Factor ETF | 0.54% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 0.36% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 0.34% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.28% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.27% |
What could go wrong
- Concentrated on a handful of city streets. The core portfolio leans on a few urban retail corridors, such as SoHo, Madison Avenue and Georgetown. A slowdown or rising vacancies in those markets could hit Acadia's rents and property values.
- Reliance on a group of key tenants. About 16.0% of consolidated revenue comes from 20 key tenants with stores at more than one property. If any of them goes bankrupt, doesn't renew or renews at lower rent, income could fall.
- Empty storefronts nearby can hurt traffic. Vacant shops on the same block can cut foot traffic and make re-leasing harder, even shops Acadia doesn't own. At shopping centers, losing an anchor (a large store that draws shoppers) can do similar damage.
- Funds and joint ventures add complexity. Part of the business runs through funds and ventures with institutional partners. Acadia shares control with them, partners' goals may differ, and performance-based fees depend on the investments doing well.
- Growth relies on selling shares and borrowing. Acadia pays for acquisitions with new stock and debt. Total debt was $1.79 billion as of June 30, 2026. If raising money gets harder, growth could stall, and selling new shares shrinks existing holders' stakes.
- A retail-focused landlord exposed to online shopping. Acadia focuses on retail property, so a drop in demand for store space hurts it more than a diversified landlord. Online shopping can weaken tenants and reduce what future tenants will pay.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released; Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Acadia paid dividends of $0.80 per share in 2025, up from $0.74 in 2024 and $0.29 in 2020. The yield was 4.3% as of October 28, 2026. The streak of yearly increases has run just two years; the dividend held at $0.72 in 2022 and 2023. Dividends paid in 2025 came to about 600% of net income. That looks alarming, but depreciation, a non-cash charge, holds down REIT net income, so this ratio can overstate the strain. Acadia bought back no shares from 2023 through 2025. Its share count rose 55.3% between October 2021 and July 2026 as it sold new stock.
The shares have dropped sharply in downturns: 65.5% in the 2008 financial crisis, 47.7% in the 2020 COVID crash and 42.7% in the 2022 bear market. Getting back to the earlier peak took about 36 months from the 2009 low and 52 months from the 2020 low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Acadia Realty Trust make money?
Acadia Realty Trust makes most of its money by renting store space to retailers. Its core portfolio focuses on shopping streets such as SoHo and Madison Avenue in New York, plus suburban properties. Leases generally make tenants pay their share of taxes, insurance and upkeep. A second business, Investment Management, earns management fees and sometimes performance-based fees from funds run with institutional partners. Acadia also invests in some real estate-backed loans. Revenue was $410.8 million in 2025.
Does Acadia Realty Trust raise its dividend every year?
No. Through 2025, Acadia had raised its dividend two years in a row. It paid $0.72 per share in both 2022 and 2023, then $0.74 in 2024 and $0.80 in 2025. From 2020 to 2025 the dividend grew about 22.5% a year, but from a low starting point of $0.29. The yield was 4.3% as of October 28, 2026. REIT dividends generally don't qualify for the lower tax rate that many other dividends get.
Why is AKR's P/E ratio so high?
Acadia's reported profit is small compared with its share price. As of October 28, 2026, the price-to-earnings (P/E) ratio was about 186, based on 2025 diluted earnings of $0.10 per share. Net income fell 22% in 2025. As with other REITs, Acadia's net income is reduced by depreciation, a non-cash charge on its buildings. REIT investors often look at funds from operations (FFO), which adds depreciation back. That makes P/E a rough yardstick for REITs.
Who owns the most Acadia Realty Trust stock?
Large fund managers hold the biggest stakes. In their latest ownership filings, BlackRock reported 17% (as of June 30, 2025), FMR LLC 14.7% (August 29, 2025), Cohen & Steers 14.13% (June 30, 2026) and Vanguard Portfolio Management 10.01% (February 27, 2026). Acadia's annual report warns that concentrated ownership may let certain investors influence the company. In the year to October 29, 2026, insiders reported no purchases and one sale: $553,000 of stock sold by Chief Investment Officer Reginald Livingston.
How has AKR stock performed over the long term?
Weakly over 10 years, with large swings. As of October 28, 2026, the stock had a cumulative gain of 6% over five years and a loss of 18% over 10 years. It was up 56% over three years. Calendar-year results ranged from a 58.3% gain in 2021 to a 44.0% loss in 2020. The shares were down 6.5% for 2026 through October 28. The deepest fall in about 21 years of price history was 71%.