Acadia Realty Trust

• Observed GAAP P/E is about 175.98x.
• Return on equity is about 0.7%.
• Debt to equity is about 0.0x.
• [TRIGGER] pre_earnings_window: pre_earnings_window (pre_earnings_window) on AKR — reason=Pre-earnings freshness window T-1 for AKR Q2 2026 (confirmed via sec_filed); urgency=high; watcher=pre_earnings_window; days_out=0; source_id=sec_filed:06a90d7a-3a53-4cb9-98f7-ffa1447732ec:Q2 2026; date_basis=sec_8k_forward; date_source=sec_filed; offset_days=1; report_date=2026-07-29; period_label=Q2 2026; window_label=T-1; confirmed_basis=filed; contributing_watchers=pre_earnings_window (source=sec_filed; url=pew:Q2 2026:T-1)
• 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 instability, contemplated tariff increases and other trade restrictions, 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 and those of our tenants; (iv) increases in our borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due; (vi) our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners’ financial condition; (vii) our ability to obtain the financial results expected from our development and redevelopment projects; (viii) our tenants’ ability and willingness to renew their leases with us upon expiration, our ability to re-lease our properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations we may incur in connection with the replacement of an existing tenant; (ix) our potential liability for environmental matters; (x) damage to our properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any future public health crisis, which may adversely affect us and our tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) our ability and willingness to maintain our qualification as a real estate investment trust (“REIT”) in light of economic, market, legal, tax and other considerations; (xiv) information technology (“IT”) security breaches, including increased cybersecurity risks relating to the use of remote technology and artificial intelligence (“AI”); (xv) risks associated with our use of AI tools, which could result in reputational harm, and legal or regulatory liability; (xvi) the loss of key executives; and (xvii) the accuracy of our methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts.
• 4 ACADIA REALTY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED STAT EMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, (in thousands, except per share amounts) 2026 2025 Revenues Rental $ 98,568 $ 102,640 Other 4,424 1,754 Total revenues 102,992 104,394 Expenses Depreciation and amortization 40,155 39,440 General and administrative 15,303 11,597 Real estate taxes 12,922 13,303 Property operating 18,249 18,280 Impairment charges — 6,450 Total expenses 86,629 89,070 Gain on disposition of properties 142,148 — Operating income 158,511 15,324 Equity in losses of unconsolidated affiliates ( 1,508 ) ( 1,713 ) Interest income (a) 4,788 6,096 Realized and unrealized holding (losses) gains on investments and other ( 616 ) 1,621 Interest expense ( 22,052 ) ( 23,247 ) Loss on change in control — ( 9,622 ) Income (loss) from continuing operations before income taxes 139,123 ( 11,541 ) Income tax provision ( 12 ) ( 116 ) Net income (loss) 139,111 ( 11,657 ) Net loss attributable to redeemable noncontrolling interests 698 1,669 Net (income) loss attributable to noncontrolling interests ( 109,332 ) 11,596 Net income attributable to Acadia shareholders $ 30,477 $ 1,608 Basic income per share $ 0.22 $ 0.01 Diluted income per share $ 0.22 $ 0.01 Weighted average shares for basic income per share 131,247 121,329 Weighted average shares for diluted income per share 131,332 121,329 (a) Includes inte rest income on Notes receivable, net from related parties, advances to unconsolidated affiliates, and loans to redeemable noncontrolling interest holders of $ 2.9 million and $ 3.5 million for the three months ended March 31, 2026 and 2025 ( Note 3 , Note 10 ) .

Bull / Bear case

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