Acadia Realty Trust reported its third-quarter operating results, with a notable increase in various key metrics compared to the same period in 2024. The company's GAAP net earnings per share for Q3 2025 stood at $0.03, a decrease from the $0.07 reported in Q3 2024. However, when considering funds from operations (FFO) before special items, the company saw an increase from $0.32 per share in Q3 2024 to $0.33 per share in Q3 2025.
The REIT portfolio's same-property net operating income (NOI) experienced significant growth, rising by 8.2% compared to the previous year, driven by a 13% increase in street retail portfolio NOI. Additionally, the company increased its REIT portfolio occupancy by 140 basis points to 93.6% as of September 30, 2025, with a strong leasing pipeline at 5% of its annualized base rent.
Acadia Realty Trust completed a $63 million investment management platform acquisition during Q3 2025, bringing the total acquisition volume year-to-date to $487 million. The company also raised approximately $212 million of equity during the third quarter and the fourth quarter-to-date on a forward basis to fund its acquisition pipeline.
In terms of financial guidance, the company maintained its FFO before special items and realized gains guidance per share and updated its 2025 net earnings and NAREIT FFO per diluted share annual guidance.
The company's balance sheet also showed positive developments, with a reduction in its pro-rata net debt-to-EBITDA ratio to 5.0x, down from 5.5x at the end of Q2 2025. Moreover, there are no significant REIT portfolio debt maturities until 2028.
Following these announcements, the company's shares moved -0.25%, and are now trading at a price of $19.84. If you want to know more, read the company's complete 8-K report here.
