Acadia Realty Q3 NOI rises 10.2% as retail leasing grows

Acadia Realty Trust (NYSE:AKR) reported third-quarter 2026 same-property net operating income growth of 10.2%, supported by stronger street retail performance, while adjusted funds from operations increased to $0.31 per share.

Street retail properties recorded 15.2% NOI growth, while nine-month same-property NOI increased 8.3% compared with the corresponding period last year.

"We delivered third-quarter same-property NOI growth that ranks among the strongest in our history, led once again by growth of more than 15% in our street retail portfolio," said Acadia Realty Trust President and Chief Executive Officer Kenneth F. Bernstein.

FFO As Adjusted increased to $45.2 million, or $0.31 per share, from $39.7 million, or $0.29 per share, while GAAP net loss was $0.03 per share compared with earnings of $0.03 a year earlier, partly reflecting an $11.7 million non-cash property impairment charge.

Acadia maintained its full-year NAREIT FFO and adjusted FFO guidance but lowered its net earnings forecast to $0.29–$0.30 per share from $0.40–$0.41.

The company expects full-year same-property NOI growth of 7.5%–8.5%.

The company completed approximately $152 million in street retail acquisitions during the quarter and increased its signed-but-not-open leasing pipeline by 32% to $21.8 million, from $16.5 million at June 30, 2026.

Acadia also increased leasing progress at its Henderson Avenue development in Dallas to approximately 90% of retail gross leasable area executed or under advanced negotiations, with tenant openings targeted throughout 2027 and an expected project yield on cost of 8%–10%.