Financial Performance - Total revenues for the three months ended March 31, 2025, increased to $104.394 million, up 14.4% from $91.356 million in the same period of 2024[19] - Rental revenues rose to $102.640 million, a 19.3% increase compared to $86.037 million in Q1 2024[19] - Net loss for the three months ended March 31, 2025, was $11.657 million, compared to a net loss of $6.857 million in Q1 2024[23] - Operating income for Q1 2025 was $15.324 million, slightly up from $14.008 million in the same quarter of 2024[19] - Basic income per share for Q1 2025 was $0.01, down from $0.03 in Q1 2024[19] - Total expenses for Q1 2025 were $89.070 million, reflecting a 16.9% increase from $76.150 million in Q1 2024[19] - Comprehensive loss for Q1 2025 totaled $25.846 million, compared to a comprehensive income of $10.129 million in Q1 2024[23] - Net income attributable to Acadia shareholders for Q1 2025 was $1.608 million, down from $3.269 million in Q1 2024[19] Assets and Liabilities - Total assets as of March 31, 2025, were $4.736 billion, an increase of 8.3% from $4.371 billion at the end of 2024[17] - Total liabilities increased to $1.947 billion as of March 31, 2025, compared to $1.839 billion at the end of 2024, reflecting a rise of 5.9%[17] - The company reported cash and cash equivalents of $31.984 million as of March 31, 2025, a significant increase from $16.806 million at the end of 2024[17] - The company’s equity attributable to Acadia shareholders increased to $2.298 billion as of March 31, 2025, compared to $2.066 billion at the end of 2024, marking a growth of 11.2%[17] Real Estate Acquisitions and Investments - Acquisitions of real estate in Q1 2025 amounted to $192.222 million, with no acquisitions reported in Q1 2024[26] - The Company acquired retail properties totaling $394.5 million during the three months ended March 31, 2025, including a 100% acquisition of 106 Spring Street and 73 Wooster Street in New York, and an additional 48% interest in the Renaissance Portfolio for $117.9 million[44][45] - The Company reported a total of $3,895.2 million in operating real estate, net of accumulated depreciation, as of March 31, 2025, compared to $3,544.0 million at the end of 2024, indicating a growth of 9.9%[43] - The Company has ownership interests in 161 properties within its Core Portfolio, with a total net investment in real estate of $4,037.3 million, up from $3,673.6 million as of December 31, 2024, representing a 9.9% increase[43] Cash Flow and Financing - Total cash provided by operating activities for Q1 2025 was $25.893 million, slightly down from $25.988 million in Q1 2024[26] - Proceeds from unsecured debt in Q1 2025 were $300.200 million, a significant increase compared to $31.750 million in Q1 2024[26] - Cash paid for interest during Q1 2025 was $27.899 million, down from $31.612 million in Q1 2024[28] - The company has a Term Loan with an outstanding balance of $400.0 million, bearing interest at SOFR + 1.50%, maturing on April 15, 2028[78] Impairment and Losses - The company reported impairment charges of $6.450 million in Q1 2025, with no such charges reported in Q1 2024[19] - The company recognized a loss on change in control of $9.6 million due to the acquisition of an additional 48% interest in the Renaissance Portfolio, consolidating it into the Core Portfolio[56] - The company's share of equity in net losses of unconsolidated affiliates was $1,615,000 for the three months ended March 31, 2025, compared to a loss of $68,000 in 2024, indicating a significant increase in losses[65] Shareholder Distributions - Total dividends/distributions declared in Q1 2025 were $27.635 million, up from $19.898 million in Q1 2024, reflecting a year-over-year increase of approximately 39%[28] - The Company declared distributions of $0.20 per Common Share/OP Unit for the three months ended March 31, 2025, compared to $0.18 for the same period in 2024[117] Other Financial Metrics - The company recognized a gain on extinguishment of debt of $971,000 for the three months ended March 31, 2025, compared to $1,158,000 in the same period of 2024[65] - The total investments in and advances to unconsolidated affiliates decreased from $209.23 million as of December 31, 2024, to $177.97 million as of March 31, 2025[56] - The estimated fair value of the company's mortgage and other notes payable was $1,052.55 million as of March 31, 2025[102]

Company Overview - Acadia Realty Trust (AKR) is a real estate investment trust headquartered in Rye, operating in the Finance sector [3] - The stock has experienced a price decline of 19.12% since the beginning of the year [3] Dividend Information - Acadia Realty Trust currently pays a dividend of $0.20 per share, resulting in a dividend yield of 4.09% [3] - The industry average yield for REIT and Equity Trust - Retail is 4.41%, while the S&P 500 yield is 1.64% [3] - The annualized dividend of $0.80 represents an 8.1% increase from the previous year [4] - Over the last 5 years, the company has increased its dividend twice year-over-year, averaging a 6.36% annual increase [4] - The current payout ratio is 59%, indicating that 59% of its trailing 12-month earnings per share (EPS) is distributed as dividends [4] Earnings Growth Expectations - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $1.36 per share, reflecting a year-over-year growth rate of 6.25% [5] Investment Appeal - Acadia Realty Trust is viewed as an attractive dividend investment and a compelling opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.34 per share, which includes $0.06 from Whole Foods related to rents and recoveries, as well as termination payments [44][46] - Same store NOI growth was reported at 4.1%, with the Street retail portion growing 6.8% for the quarter, outperforming suburban assets by over 400 basis points [52][53] - The company achieved a core operating signed not yet open pipeline increase of over 15%, with new leases signed at cash spreads exceeding 50% [41][48] Business Line Data and Key Metrics Changes - The Street retail segment continued to show strong performance, with double-digit sales growth observed in key markets such as SoHo and M Street [21][24] - The company signed new core leases totaling over $5 million in ABR, with 95% of that income coming from street locations [20] - The leasing velocity and signed not yet open pipeline are both accelerating, with a robust pipeline of over $6 million in additional leases in advanced stages of negotiation [21][48] Market Data and Key Metrics Changes - Consumer spending has remained resilient, particularly among affluent consumers, with sales growth reported at 15% year-over-year in the Georgetown portfolio [12][24] - The company noted that the affluent consumer demographic is less affected by broader economic indicators, maintaining spending habits despite economic uncertainties [12][22] - The company is seeing increased traction in markets that have been slower to recover, such as San Francisco, with significant leasing activity reported [28][30] Company Strategy and Development Direction - The company aims to be a dominant owner-operator of street retail in key corridors, focusing on acquisitions that are accretive to earnings and enhance the portfolio [14][39] - The strategy includes opportunistically adding assets through its investment management platform, leveraging institutional capital relationships [14][39] - The company is well-positioned to navigate market volatility and capitalize on potential buying opportunities in street retail investments [16][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued internal growth driven by strong tenant demand and limited new supply in high-quality locations [5][13] - The company is monitoring inflationary pressures and economic slowdowns but believes that strong demand will mitigate long-term declines [10][12] - Management remains optimistic about achieving 5% to 6% full-year same store NOI growth, supported by a solid balance sheet and liquidity [53][54] Other Important Information - The company completed over $370 million in acquisitions year-to-date, including targeted street retail acquisitions and value-add opportunities [32][34] - The balance sheet remains strong, with a debt to EBITDA ratio of 5.7 times, allowing for continued investment in growth opportunities [54] - The company has a robust pipeline of pending deals and active negotiations, indicating strong future growth potential [49][50] Q&A Session Summary Question: Will the signed not yet open (SNO) continue to accelerate and exceed 6% of ABR by year-end 2025? - Management indicated that they expect continued growth in the SNO pipeline, with $3 million expected to roll into the second half of the year [58] Question: Can you discuss opportunistic investing during downturns and the types of sellers? - Management noted that sellers could include institutional investors seeking liquidity or different operating partners, but it is too early to predict specific outcomes [60][62] Question: How has the Street portfolio changed post-COVID in terms of tenant types? - Management highlighted a shift towards healthier retailers, including digitally native brands, replacing legacy retailers, contributing to sustained demand and growth [66] Question: How confident is the company in achieving 10% underlying growth in the Street portfolio? - Management expressed confidence, noting that the majority of the signed not yet open pipeline is from the Street segment, which is expected to drive growth [70] Question: What is the current state of the street retail transaction market? - Management observed a potential reduction in competition as some buyers may pull back, but they remain prepared to capitalize on opportunities [78] Question: How are leasing spreads trending through the balance of the year? - Management indicated that while spreads may vary, they believe their leases are well-positioned relative to the market [81]

Core Viewpoint - Acadia Realty Trust reported quarterly funds from operations (FFO) of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, and showing a year-over-year increase from $0.33 per share [1] Financial Performance - The company achieved revenues of $104.39 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.52%, compared to $91.36 million in the same quarter last year [2] - Over the last four quarters, Acadia Realty Trust has exceeded consensus revenue estimates three times [2] Stock Performance - Acadia Realty Trust shares have declined approximately 18.1% since the beginning of the year, while the S&P 500 has decreased by 6% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.32 on revenues of $96.9 million, and for the current fiscal year, it is $1.36 on revenues of $400.6 million [7] - The estimate revisions trend for Acadia Realty Trust is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry is ranked in the top 29% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Exhibit 99.2 EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO Table of Contents Supplemental Report – March 31, 2025 Section I – First Quarter 2025 Earnings Press Release | Section II – Financial Information | | | --- | --- | | Company Information | 3 | | Market Capitalization | 4 | | Forward Equity Offerings | 5 | | Operating Statements | | | Consolidated Statements of Operations | 6 | | Statements of Operations - Pro-rata Adjustments | 8 | | Consolidated Balance Sheet | 9 | | Balance Sheet - Pro-rata Adjustments ...

Company Overview - Acadia Realty Trust (AKR) is headquartered in Rye and has experienced a price change of -22.64% this year [3] - The company currently pays a dividend of $0.2 per share, resulting in a dividend yield of 4.28%, which is slightly below the REIT and Equity Trust - Retail industry's yield of 4.57% and significantly above the S&P 500's yield of 1.68% [3] Dividend Performance - Acadia Realty Trust's current annualized dividend of $0.80 represents an 8.1% increase from the previous year [4] - Over the past 5 years, the company has increased its dividend twice on a year-over-year basis, averaging an annual increase of 6.36% [4] - The current payout ratio is 59%, indicating that the company paid out 59% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $1.36 per share, reflecting a 6.25% increase from the previous year [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - High-growth firms or tech start-ups typically do not offer dividends, while larger, established companies are often viewed as better dividend options [7] - Acadia Realty Trust is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[10] - The company reported a net income of $300 million, which is a 10% increase compared to the previous year[10] - Future guidance indicates a potential increase in operating margins by 2% as efficiency measures are implemented[10] - The company expects to achieve a revenue target of $1.5 billion for the next fiscal year, reflecting a 25% growth forecast[10] User Growth - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[10] Product Development - New product launches are anticipated to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[10] - The company has allocated $50 million for research and development to drive innovation in product offerings[10] Market Expansion - The company plans to expand its market presence by entering three new geographic regions by the end of the fiscal year[10] - A strategic acquisition of a competitor is in progress, expected to enhance market share by 10%[10] Operational Challenges - Operating expenses increased by 5% due to higher marketing costs associated with new product launches[10] - The company faces risks related to investments in real estate that could adversely affect its financial condition, cash flows, and ability to satisfy debt service obligations[19] - Revenues derived from tenants are crucial, and a decrease in those revenues could impact the company's ability to make distributions to shareholders[19] - The company may not be able to renew current leases or may face less favorable terms for re-letting properties[19] - E-commerce trends could negatively impact the business of current tenants and future leases, affecting the company's financial condition[19] - The company is exposed to risks associated with environmental matters, which could lead to potential liabilities[19] - The company may experience increased borrowing costs due to rising interest rates, which could limit its ability to refinance debt[19] Growth Opportunities and Risks - The company has pursued extensive growth opportunities, which may place significant demands on its operational and financial resources[24] - Compliance with REIT requirements may limit the company's operational flexibility and ability to capitalize on attractive investment opportunities[24] - The company is subject to risks related to market conditions that could adversely affect its share price and access to public equity markets[24] - Climate change and natural disasters pose risks that could adversely affect the company's properties and overall business[24]

Financial Data and Key Metrics Changes - The company reported fourth-quarter earnings of $0.32 per share, representing a year-over-year growth of approximately 15% from $0.28 in the prior year [55] - Same-store NOI grew by 5.7% for both the quarter and the full year, with expectations of 5% to 6% same-store growth projected for 2025 [51][52] - Year-over-year FFO growth was 5% in 2024, with an anticipated growth of 5.5% in 2025 [52] Business Line Data and Key Metrics Changes - The company signed over 50 new leases totaling over $13.5 million of annual rent, equivalent to nearly 10% of total ABR, with overall spreads for the year totaling approximately 35% [23] - The street retail portfolio reported year-over-year sales growth exceeding 15% in SoHo and consistent double-digit sales growth in other key markets [25][26] - Rents on the street increased by 50% over the last 12 months, driven by strong demand and effective tenant curation [30] Market Data and Key Metrics Changes - The company has seen strong retail fundamentals, with high-growth streets outperforming the overall market [25] - Occupancy costs for apparel tenants on M Street are hovering just north of 12%, indicating significant room for rent growth [31] - The company is focusing on key corridors with supply constraints, which are essential for future growth [99] Company Strategy and Development Direction - The company aims to be the dominant owner-operator of street retail in the U.S., focusing on strategic acquisitions in key markets [12][17] - The strategy includes leveraging scale and geographic reach to drive rents and improve merchandising on high-demand streets [30] - The company is committed to match funding acquisitions on a disciplined basis, ensuring that investments are accretive to earnings and net asset value [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of a higher-yielding bond market and potential interest rate increases but remains optimistic about tenant top-line growth translating into rental growth [8][10] - The company is confident in its ability to continue adding value through internal growth and strategic investments, with a strong pipeline for 2025 and beyond [20][72] - Management believes that the current retail environment presents significant opportunities for growth, particularly in street retail [48] Other Important Information - The company completed over $600 million in acquisitions, with a focus on street retail in key markets [17][39] - The balance sheet remains strong, with a debt-to-EBITDA ratio reduced to 5.5 times, and no meaningful core maturities until 2028 [72] Q&A Session Summary Question: How does the company think about the concept of scale in its street portfolio? - Management indicated that scale works best when owning the right assets in key corridors, which allows for better rent drives and tenant curation [76][78] Question: What is the expected acquisition volume split between Core and Investment Management in 2025? - Management expects to replicate last year's acquisition volume in the Core segment, while the Investment Management Platform will be more opportunistic [82] Question: What is the impact of a 1% increase in occupancy on the street and urban portfolio? - Management noted that peak occupancy was around 97%, and they expect to reach 90% occupancy in the near term, which would significantly enhance revenue [90][129] Question: How is the competition for street retail M&A evolving? - Management acknowledged increased competition for open-air retail but emphasized that their reputation and relationships position them well to capitalize on opportunities [114][118]

Group 1 - Acadia Realty Trust reported quarterly funds from operations (FFO) of $0.32 per share, missing the Zacks Consensus Estimate of $0.33 per share, but showing an increase from $0.28 per share a year ago, resulting in an FFO surprise of -3.03% [1] - The company posted revenues of $93.33 million for the quarter ended December 2024, which was 0.92% below the Zacks Consensus Estimate, compared to $85.51 million in the same quarter last year [2] - Acadia Realty Trust has surpassed consensus revenue estimates three times over the last four quarters, indicating some volatility in performance [2] Group 2 - The stock has underperformed the market, losing about 3.7% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The future performance of Acadia Realty Trust's stock will largely depend on management's commentary during the earnings call and the outlook for FFO [3][4] - Current consensus FFO estimate for the coming quarter is $0.31 on revenues of $97.5 million, and for the current fiscal year, it is $1.34 on revenues of $403.4 million [7] Group 3 - The estimate revisions trend for Acadia Realty Trust is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The REIT and Equity Trust - Retail industry is currently in the top 29% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Financial Performance - Total revenues for Q4 2024 were $93.334 million, with rental income contributing $91.579 million, representing a year-over-year increase [16]. - Net income attributable to Acadia Shareholders for Q4 2024 was $8.524 million, compared to $21.650 million for the full year [16]. - The company reported total expenses of $76.571 million for Q4 2024, with depreciation and amortization accounting for $35.189 million [16]. - Total Revenues for the year ended December 31, 2024, were $340,900,000, with a quarterly revenue of $87,650,000 [18]. - Net Operating Income for properties was $229,905,000 for the year, with a quarterly figure of $59,267,000 [18]. - Net Income attributable to Acadia shareholders for the year was $21,650,000, with a quarterly net income of $8,524,000 [18]. - Total Expenses for the year were $110,995,000, with quarterly expenses amounting to $28,383,000 [18]. - Interest income for the year was $25,085,000, while quarterly interest income was $6,575,000 [18]. - Total Fee and Other Income for the year was a loss of $2,826,000, with a quarterly gain of $1,962,000 [18]. - The company reported unrealized losses on marketable securities of $4,616,000 for the year, with quarterly unrealized gains of $949,000 [18]. - Funds from Operations (FFO) before special items for the year ended December 31, 2024, was $148,976,000, an increase from $133,105,000 in 2023 [29]. - EBITDA for the quarter ended December 31, 2024, was $53,277,000, up from $45,588,000 in the same quarter of 2023 [32]. - The FFO per common share for the year ended December 31, 2024, was $1.12, compared to $1.28 in 2023 [29]. - The Adjusted Funds from Operations (AFFO) increased to $32,510,000 in Q4 2024 from $24,335,000 in Q4 2023, marking a rise of 33.8% [60]. - The company declared dividends of $0.19 per share in Q4 2024, up from $0.18 per share in Q4 2023, reflecting a 5.6% increase [60]. Market Capitalization and Debt - The total market capitalization as of December 31, 2024, was $4.189 billion, with equity capitalization making up 72% of this total [9]. - The consolidated debt stood at $1.547 billion, with total debt capitalization representing 28% of the total market capitalization [9]. - Net Debt as of December 31, 2024, was $1,150,537,000, down from $1,433,551,000 in 2023, indicating a reduction of 19.7% [60]. - The Debt/EBITDA ratio improved to 5.5x in 2024 from 7.1x in 2023, highlighting better leverage management [60]. - Total debt for the Core Portfolio amounts to $1,072,218,000, with a pro-rata share of $878,923,000 [67]. - Total debt for Investment Management is $1,275,085,000, with a pro-rata share of $299,294,000 [69]. - The total debt for both Core Portfolio and Investment Management is $2,347,303,000, with a pro-rata share of $1,178,217,000 [69]. Property and Portfolio Management - Acadia Realty Trust's core portfolio focuses on high-quality retail properties in dynamic retail corridors, indicating a strategy for market expansion [4]. - The company is actively expanding its market presence with new acquisitions and strategic investments in various properties across key locations [43]. - Total acquisitions for the year amounted to $687,477,000, with significant properties acquired in New York and Texas [43]. - Total dispositions for the year were $179,876,000, including notable sales in New York and New Jersey [43]. - The company plans to expand its portfolio with new acquisitions in urban retail locations, focusing on high-traffic areas [86]. - The company is focusing on enhancing its portfolio by integrating new technologies and sustainable practices in property management [87]. Occupancy and Rental Income - The company reported a physical occupancy rate of 93.1% and a leased occupancy rate of 95.8% at the end of the period, showing consistent occupancy levels [34]. - Minimum rents increased by 6.6% to $36,851,000 for the quarter, compared to $34,572,000 in the prior year [34]. - The average Base Rent (ABR) across the portfolio is $53.00 per square foot, with the highest ABR recorded at $340.50 per square foot [85]. - The company achieved a 100% occupancy rate in several key properties, including the 165 Newbury Street and the Elmwood Park Shopping Center [87]. - The total annual base rent (ABR) for the core portfolio is $164,599,800, with an average ABR per square foot of $36.51 [90]. - The company’s core portfolio includes properties with an average occupancy rate of 93.1% [90]. Future Guidance - Future guidance for 2025 includes continued focus on opportunistic and value-add investments through its investment management platform [4]. - 2025 guidance for net earnings per share attributable to Acadia shareholders is projected between $26.2 million ($0.22/share) and $32.1 million ($0.27/share), compared to 2024 actuals of $21.7 million ($0.19/share) [48]. - Funds from Operations (FFO) before special items per share is expected to range from $1.30 to $1.39, up from $1.28 in 2024 [50]. - The company anticipates same property net operating income growth of 5.0% to 6.0% for 2025, compared to 5.7% in 2024 [50]. Capital Expenditures and Investments - Total capital expenditures for the year amounted to $20.743 million, down from $25.153 million in the previous year [101]. - The company’s total capital expenditures for tenant improvements were $8.496 million for the year ended December 31, 2024 [101]. - The total estimated costs for redevelopment projects include $156 million for 555 9th Street in San Francisco, CA, with a TBD completion date [119]. - The company has a total of 15 redevelopment projects planned, with various completion dates and estimated costs [119]. Non-GAAP Financial Measures - The company defines Funds from Operations (FFO) as net income excluding gains or losses from property sales, depreciation, and amortization [121]. - Adjusted Funds from Operations (AFFO) is defined as FFO adjusted for straight-line rent, non-real estate depreciation, and other costs [122]. - The Company utilizes non-GAAP financial measures such as EBITDA, NOI, and same-property NOI to assist investors in analyzing performance [125].