ACADIA REALTY TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ACADIA REALTY TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	190	250	260	290	251	292	326	339	360	411
General and administrative	40.6	33.8	34.3	34.3	35.8	40.1	44.1	41.5	40.6	45.7
Operating expenses	168	231	232	253
Operating income	21.9	66.2	32.7	73.1	-115	30.7	68.2	49.1	65.7	49.4
Interest expense	34.6	59	70	69.2	69.7	68	80.2	93.3	92.6	95.3
Interest income	25.8	29.1	13.2	7.99	8.98	9.07	14.6	20	25.1	23.7
Other non-operating income	0
Pre-tax income	52.5	65.3	-14.8	24.7	-65.4	26.1	-65.2	-1.45	8.35	-39.6
Income tax	-0.11	1	0.93	1.47	0.27	0.09	0.01	0.3	0.21	0.41
Income from continuing operations	72.8	61.5	31.4	53.7	-8.98	23.5	-35.4	19.9	21.7	16.9
Net income to minority interests	61.8	2.84	-47.1	-30.5	-56.7	2.48	-24.3	-13.4	-5.6	-51.3
Net income	72.8	61.5	31.4	53.7	-8.98	23.5	-35.4	19.9	21.7	16.9
EBITDA	91.9	171	150	196	32.2	154	204	185	205	207
EPS, basic	0.94	0.73	0.38	0.63	-0.11	0.26	-0.38	0.20	0.19	0.10
EPS, diluted	0.94	0.73	0.38	0.63	-0.11	0.26	-0.40	0.20	0.19	0.10
Shares, diluted (weighted)	76.2	83.7	82.1	84.4	86.4	87.7	94.6	95.3	108	129
Dividend per share	1.16	1.05	1.09	1.13	0.29	0.60	0.72	0.72	0.74	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	71.8	74.8	20.1	14.1	18.7	17.7	17.2	17.5	16.8	38.8
Lease right-of-use assets				60	76.3	40.7	37.3	29.3	25.5	23.6
Intangible assets	115	128	116	117	100	109	102	101	86.9	128
Total assets	3,996	3,960	3,959	4,252	4,131	4,262	4,303	4,291	4,371	4,837
Total liabilities	1,818	1,745	1,877	2,122	2,081	2,112	2,054	2,158	1,839	2,208
Total debt	1,489	1,424	1,551	1,708	1,708	1,812	1,793	1,870	1,537	1,863
Paid-in capital	1,595	1,597	1,549	1,706	1,683	1,754	1,945	1,954	2,436	2,711
Retained earnings	-5.64	-32	-89.7	-133	-167	-197	-300	-349	-409	-501
Other comprehensive income	-0.8	2.61	0.52	-31.2	-74.9	-36.2	46.8	32.4	38.7	15.6
Shareholders' equity	1,589	1,567	1,460	1,542	1,441	1,522	1,692	1,637	2,066	2,226
Minority interests	590	648	622	645	609	628	489	446	436	395
Total equity	2,178	2,216	2,083	2,188	2,050	2,150	2,181	2,083	2,502	2,620
Total liabilities and equity	3,996	3,960	3,959	4,309	4,131	4,262	4,303	4,291	4,371	4,837
Shares outstanding	83.6	83.7	81.6	87.1	86.3	89.3	95.1	95.4	120	131

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	135	64.3	-15.7	23.2	-65.7	26	-65.3	-1.75	8.14	-40
Depreciation and amortization	70	105	118	123	147	123	136	136	139	157
Stock-based compensation	13.7	11.2	12.9	10	10.9	12.4	11.1	12.8	12.8	11.6
Change in receivables	-4.85	-11.3	-3.96	1.09	-28.3	7.38	1.59	2.54	-6.67	-5.56
Change in payables	0.59	8.77	-3.03	1.71	3.01	0.57	-2.14	2.05	-2.92	-6.11
Cash from operations	110	115	96.1	131	104	105	133	156	140	167
Capital expenditures	-149	-108
Acquisitions	-440	-200	-148	-320	-21.2	-162	-243
Purchases of investments					0	0	-4.53	0	0
Sales and maturities of investments						0	0	4.64	14.3	14.5
Cash from investing	-614	4.06	-137	-411	-101	-199	-124	-209	-171	-450
Stock issued			-55.1	145	-22.4	63.9	119	0	460	278
Share buybacks			-55.1
Dividends paid	-91.3	-99.5	-88.9	-93.9	-50.2	-39.5	-64.6	-68.6	-76.3	-101
Cash from financing	488	-128	-10.3	274	-1.26	91.3	-4.38	45.9	44.6	301
Net change in cash	-0.97	3.02	-50.8	-5.2	1.77	-2.24	4.66	-6.93	14.4	17.2
Free cash flow	-39.6	6.51
Interest paid	42.3	49.9	61.8	69.1	70.4	44.7	65.1	120	119	109
Income taxes paid	2.04	0.88	1.23	0.73	-0.33	0.15	0.01	0.3	0.21	0.41

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	1.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	45.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-22.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-47.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	18.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	22.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	35.5%	Total debt / total assets.
Liabilities / assets	41.9%	Total liabilities / total assets.
Net debt	$1.60B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.37x	Operating income / interest expense.
Goodwill and intangibles / assets	2.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.24B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$1.24	Cash from operations / diluted weighted shares.
Book value per share	$17.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.29	Tangible book value / shares outstanding.
Cash per share	$0.24	(Cash + short-term investments) / shares outstanding.
Payout ratio	192.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.64B	Share price x shares outstanding.
Enterprise value	$4.25B	Market cap + total debt - cash - short-term investments.
P/E	48.2x	Market cap / net income. Only when net income is positive.
P/B	1.13x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.18x	Market cap / tangible book value, when positive.
P/OCF	15.9x	Market cap / cash from operations, when positive.
EV/EBIT	19.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was ACADIA REALTY TRUST's revenue in fiscal 2025?

ACADIA REALTY TRUST reported revenue of $410.8M for fiscal 2025, 14.2% higher than the year before.

Was ACADIA REALTY TRUST profitable in fiscal 2025?

Yes. Net income was $16.9M, a net margin of 4.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ACADIA REALTY TRUST