| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 28 | 56.5x | 17.8x | Bottom tier | |
Growth | 55 | 4.7% | 7.1% | Around median | |
Quality | 38 | 5.3% | 4.5% | Bottom tier | |
Safety | 45 | 4.4x | 2.6x | Around median | |
Capital Return | 63 | 4.05% | 2.12% | Around median | |
Momentum | 49 | 3.2% | 2.9% | Around median | |
Sentiment | 70 | 3 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Acadia Realty Trust is a real estate investment trust focused on retail properties, particularly stores located on U.S. commercial streets, alongside a suburban portfolio and an investment management platform. The company relies on rent collection, contractual increases that are typically 3% annually in street leases, resetting rents to market value, leasing vacant spaces, and then selling or recapitalizing investment management platform assets after executing their improvement plans. Its acquisition strategy focuses on owning approximately 20% to 25% of the stores in a single commercial corridor, as management says this scale could increase property net operating income by approximately 10% through improvements in tenant mix, sales, and operating efficiency.
In Q2 fiscal 2026, Acadia recorded revenue of $95.4 million, net income of $10.1 million, and GAAP earnings per share of $0.05, compared with revenue of $100.6 million, net income of $239 thousand, and earnings per share of $0.01 in Q2 fiscal 2025. Funds from operations were $0.31 per share, while the street retail portfolio achieved approximately 16% growth in comparable property net operating income and added approximately $0.02 to funds from operations compared with the corresponding period. Revenue, however, declined by approximately 5.2% year over year and approximately 7.4% compared with Q1 fiscal 2026, highlighting the divergence between the direction of accounting revenue and the strong improvement in earnings and property operating metrics.
The company signed new leases with annual base rent of $8.9 million, the highest quarterly volume in its history, with approximately 80% of the new value coming from street and urban markets. Rent spreads reached 91%, while the signed-not-yet-commenced lease pipeline increased by approximately 60% to $16.5 million, equivalent to approximately 7% of annual base rent calculated at the company’s share. Meanwhile, the investment management platform completed the sale or recapitalization of more than $500 million of assets since the start of fiscal 2026, at approximately 2 times invested capital and a mid-teens internal rate of return.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average target of $24.5 and a narrow range between $24 and $25; the average is above the 52-week range high of $23.03, while the range low is $18.61. This target reflects expectations for continued growth in funds from operations and rent repricing, but the narrow dispersion of targets does not fully reflect the risks of declining revenue, volatile net income, and the timing of converting not-yet-open leases and acquisitions into actual earnings.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The most prominent operating driver came from the street retail portfolio, which achieved approximately 16% growth in comparable property net operating income and added approximately $0.02 to funds from operations compared with the corresponding period. Funds from operations were $0.31 per share, while the company recorded net income of $10.1 million and GAAP earnings per share of $0.05. Acadia also signed new leases with annual base rent of $8.9 million and rent spreads of 91%. Nevertheless, revenue declined to $95.4 million from $100.6 million in Q2 fiscal 2025.
The annual base rent of signed-not-yet-commenced leases reached $16.5 million on July 29, 2026, an increase of approximately 60% during Q2 fiscal 2026. These leases represent approximately 7% of annual base rent calculated at the company’s share, and management estimates their full impact at approximately $0.08 of funds from operations. The company expects approximately $0.01 to be realized in the second half of fiscal 2026, followed by $0.03 to $0.05 in fiscal 2027, with the remainder in fiscal 2028. Planned commencements in Q4 fiscal 2026 include the TNT and LA Fitness Club Studios spaces within the San Francisco projects.
Management says street leases typically include annual contractual growth of 3% and more frequent opportunities to reset rents to market value. During the three years ended Q2 fiscal 2026, the street portfolio outgrew the suburban portfolio by approximately 400 basis points, compared with a structural target of between 200 and 300 basis points. The company also estimated post-stabilization capital expenditure at approximately 7% to 10% of net operating income for street retail, compared with approximately 15% for power centers. The average payback period for new street leases during the quarter was approximately nine months, compared with five to seven years for a new retail box in the suburbs.
Management estimated on July 29, 2026 that rents in high-growth street retail were approximately 25% below market, representing an opportunity of between $20 million and $25 million. The largest estimated gaps include 35% in SoHo, 60% in Henderson Avenue, 50% in Armitage Avenue, and 25% in North 6th Street. The company intends to capture a meaningful portion of this gap over five years through lease expirations, market-value resets, and tenant replacements. On Armitage Avenue, the company re-leased a space in Q2 fiscal 2026 at a 75% spread and rent of $155 per square foot, compared with the previous tenant’s initial rent of $76.
The company aims to add $400 million to $500 million of street retail assets annually and has closed more than $228 million of acquisitions since the start of fiscal 2026, including $149 million during Q2. It raised approximately $200 million of equity during the quarter, and management said on July 29, 2026 that available funding was sufficient for the current external growth target and the Henderson project. The company also has liquidity of approximately $1 billion and virtually no maturities during the years following the date of the call. The acquisitions target a $0.01 increase in funds from operations for every $200 million deployed, or more than $0.02 annually when the plan is fully executed.
The immediate financial risk is the approximately 5.2% year-over-year decline in Q2 fiscal 2026 revenue, alongside the decrease in net income from $29.8 million in the previous quarter to $10.1 million. The plan also depends on executing large acquisitions and converting below-market rents to higher levels amid intense competition for open-air retail assets. The $16.5 million lease pipeline requires several years to add its full estimated impact of approximately $0.08 to funds from operations. In addition, there is approximately $0.01 of short-term dilution from investment management platform asset sales before the proceeds are redeployed.
