Acadia Realty Trust Reports $359.7 Million Revenue and $21.7 Million Net Income for Fiscal Year 2024

Acadia Realty Trust reported a total revenue of $359.7 million for the fiscal year ending December 31, 2024, marking an increase of 6.2% from $338.7 million in 2023. The company's net income attributable to shareholders was $21.7 million, compared to $19.9 million in the previous year. This growth in revenue was primarily driven by a rise in rental income, which reached $349.5 million, up from $333.0 million in 2023. The increase in rental revenue was attributed to new acquisitions and improved lease-up rates within the Core Portfolio.

The company made significant strategic moves during the year, acquiring several properties, including the Bleecker Street Portfolio in Manhattan for $20.3 million and multiple retail properties in Brooklyn for a total of $54.3 million. Acadia also expanded its Investment Management segment, investing $48.0 million in two properties. The total investment in new properties for the year amounted to $180.5 million, reflecting Acadia's commitment to enhancing its portfolio in high-demand urban areas.

Operationally, Acadia Realty Trust maintained a strong occupancy rate across its properties, with the Core Portfolio achieving a 93.1% occupancy rate and the Investment Management portfolio at 92.7% as of December 31, 2024. The company reported a total of 210 properties under its management, including 159 in its Core Portfolio and 51 in Investment Management. The company’s employee headcount stood at 129 as of the end of the fiscal year, reflecting a stable workforce dedicated to managing its diverse real estate assets.

In terms of financial health, Acadia Realty Trust's total consolidated debt was reported at $1.5 billion, a decrease from $1.9 billion in 2023. The company has been proactive in managing its debt, with approximately 73.8% of its debt being fixed-rate, which helps mitigate the risks associated with rising interest rates. The company also raised $732 million through equity offerings during the year, enhancing its liquidity position and providing capital for future investments.

Looking ahead, Acadia Realty Trust expressed optimism about its growth trajectory, citing a strong leasing pipeline and ongoing development projects. The company plans to continue focusing on high-quality retail properties in densely populated metropolitan areas, aiming to capitalize on market trends and consumer preferences. The management remains cautious about potential economic challenges, including inflation and interest rate fluctuations, but is committed to maintaining a flexible balance sheet to support its strategic initiatives.