Acadia Realty Trust Files 2024 10-K

TL;DR

Acadia Realty Trust filed its 2024 10-K. REIT status confirmed. FYE 12/31/24.

AI Summary

Acadia Realty Trust filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly known as Mark Centers Trust, is a Real Estate Investment Trust incorporated in Maryland. Its principal business address is in Rye, NY.

Why It Matters

This filing provides a comprehensive overview of Acadia Realty Trust's financial performance and operational status for the fiscal year 2024, crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — This is a standard annual report filing providing historical financial data and business overview, not indicating immediate new risks.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
• 20241231 — Period of Report (The specific date the reported fiscal year concluded.)
• 20250214 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Acadia Realty Trust (company) — Filer of the 10-K
• Mark Centers Trust (company) — Former name of Acadia Realty Trust
• 0000899629 (company) — Central Index Key for Acadia Realty Trust
• 20241231 (date) — Fiscal year end date
• 20250214 (date) — Filing date
• 411 Theodore Fremd Avenue, Suite 300, Rye, NY 10580 (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — hares of beneficial interest, par value $0.001 per share AKR The New York Stock Ex
• $17.92 — $ 1,886.4 million, based on a price of $17.92 per share, the average sales price for
• $200.0 million — at its discretion, to repurchase up to $200.0 million of outstanding Common Shares. The progr
• $122.5 million — ment may repurchase up to approximately $122.5 million of Common Shares under the program. See
• $732.0 million — ber 31, 2024, we raised net proceeds of $732.0 million through the issuance of 33.8 million sh

Filing Documents

• akr-20241231.htm (10-K) — 12954KB
• akr-ex21_1.htm (EX-21.1) — 514KB
• akr-ex23_1.htm (EX-23.1) — 10KB
• akr-ex23_2.htm (EX-23.2) — 3KB
• akr-ex31_1.htm (EX-31.1) — 13KB
• akr-ex31_2.htm (EX-31.2) — 14KB
• akr-ex32_1.htm (EX-32.1) — 6KB
• akr-ex32_2.htm (EX-32.2) — 6KB
• img202260452_0.jpg (GRAPHIC) — 99KB
• 0000950170-25-021145.txt ( ) — 47442KB
• akr-20241231.xsd (EX-101.SCH) — 4065KB
• akr-20241231_htm.xml (XML) — 11744KB

Risk Factors

Risk Factors 12 1B. Unresolved Staff Comments 30 1C. Cybersecurity 30 2.

Properties

Properties 31 3.

Legal Proceedings

Legal Proceedings 41 4. Mine Safety Disclosures 41 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 6. [Reserved] 43 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 124 9A.

Controls and Procedures

Controls and Procedures 124 9B. Other Information 126 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126 PART III 10. Directors, Executive Officers and Corporate Governance 126 11.

Executive Compensation

Executive Compensation 126 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126 13. Certain Relationships and Related Transactions and Director Independence 126 14. Principal Accountant Fees and Services 127 PART IV 15. Exhibits and Financial Statement Schedules 128 16. Form 10-K Summary 131

SIGNATURES

SIGNATURES 132 SPECIAL NOTE REGARDING CERTAIN REFERENCES All references to "Notes" throughout the document refer to the footnotes to the consolidated financial statements of the registrant referenced in Part II, Item 8. Financial Statements . 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Report of Acadia Realty Trust, a Maryland real estate investment trust, (the "Company"), may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations are generally identifiable by the use of the words such as "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) changes in general economic conditions or economic conditions in the markets in which we may, from time to time, compete, and their effect on our revenues, earnings and funding sources; (iv) increases in our borrowing cost

B USINESS

ITEM 1. B USINESS. GENERAL Acadia Realty Trust (the "Trust") was formed on March 4, 1993 as a Maryland REIT. All references to "Acadia," "we," "us," "our" and "Company" refer to the Trust and its consolidated subsidiaries. We are a fully integrated REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. We currently own or have an ownership interest in these properties through our Core Portfolio (as defined below). We generate additional growth through Investment Management (as defined below) in which we co-invest with high-quality institutional investors. All of our assets are held by, and all of our operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of December 31, 2024, the Trust controlled approximately 96% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units," respectively, and collectively, "OP Units") and employees who have been awarded restricted Common OP Units as long-term incentive compensation ("LTIP Units"). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for our common shares of beneficial interest, par value $0.001 per share, of the Company ("Common Shares"). This structure is referred to as an umbrella partnership REIT, or "UPREIT." BUSIN

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