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REITs · Real Estate · Fiscal year ends Dec 31
Acadia Realty Trust reported revenue of $411M in the fiscal year ended Dec 2025, up 14.2% from the year before. Operating income was $49M, an operating margin of 12.0%, and net income was $17M. Operating cash flow of $167M less capital expenditure of $125M left free cash flow of $42M. Net debt was $1.8B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 292 | 326 | 339 | 360 | 411 |
| Operating income | 30.7 | 68.2 | 49.1 | 65.7 | 49.4 |
| Interest expense | 68.0 | 80.2 | 93.3 | 92.6 | 95.3 |
| Pre-tax income | 26.1 | −65.2 | −1.4 | 8.4 | −39.6 |
| Income tax | 0.1 | 0.0 | 0.3 | 0.2 | 0.4 |
| Net income | 26.0 | −65.3 | 19.9 | 21.7 | 16.9 |
| Diluted EPS | 0.26 | −0.40 | 0.20 | 0.19 | 0.10 |
| Diluted shares | 87.7 | 94.6 | 95.3 | 108 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 17.7 | 17.2 | 17.5 | 16.8 | 38.8 |
| Total assets | 4,262 | 4,303 | 4,291 | 4,371 | 4,837 |
| Deferred revenue | 38.4 | 34.5 | 34.4 | 39.4 | 34.1 |
| Long-term debt | 1,812 | 1,793 | 1,870 | 1,537 | 1,863 |
| Total liabilities | 2,112 | 2,054 | 2,158 | 1,839 | 2,208 |
| Shareholders' equity | 1,522 | 1,692 | 1,637 | 2,066 | 2,226 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 105 | 133 | 156 | 140 | 167 |
| Capital expenditure | 40.7 | 51.0 | 69.5 | 80.3 | 125 |
| Free cash flow | 64.3 | 82.2 | 86.2 | 60.2 | 42.1 |
| Depreciation & amortisation | 123 | 136 | 136 | 139 | 157 |
| Stock-based compensation | 12.4 | 11.1 | 12.8 | 12.8 | 11.6 |
| Dividends paid | 39.5 | 64.6 | 68.6 | 76.3 | 101 |
| Dividend per share | 0.60 | 0.72 | 0.72 | 0.74 | 0.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.6% | 3.8% | 6.2% | 14.2% |
| Operating income growth (YoY) | – | 122.6% | −28.1% | 33.8% | −24.7% |
| EPS growth (YoY) | – | −253.8% | – | −5.0% | −47.4% |
| Operating margin | 10.5% | 20.9% | 14.5% | 18.3% | 12.0% |
| Net margin | 8.9% | −20.0% | 5.9% | 6.0% | 4.1% |
| Return on equityBlank when equity is negative | 1.7% | −3.9% | 1.2% | 1.0% | 0.8% |
| Free cash flow margin | 22.0% | 25.2% | 25.5% | 16.7% | 10.2% |
| Cash conversion (CFO ÷ net income) | 4.03x | −2.04x | 7.84x | 6.49x | 9.88x |
| Interest cover | 0.45x | 0.85x | 0.53x | 0.71x | 0.52x |
| Debt ÷ equity | 1.19x | 1.06x | 1.14x | 0.74x | 0.84x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,794 | 1,776 | 1,853 | 1,520 | 1,824 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.