Acadia Realty (AKR) Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, February 11, 2026 astatine 11:21 AM CST 43 min read

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Wednesday, February 11, 2026 astatine 11 a.m. ET

• President and Chief Executive Officer — Ken Bernstein

• Chief Financial Officer — John Gottfried

• EVP, Head of Asset Management and Leasing — AJ Levine

• EVP, Co-Head of Investments — Reggie Livingston

• Analyst, Asset Management — Will Delts

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Will Delts: Good afternoon. Thank you for joining america for the 4th fourth 2025 Acadia Realty Trust net league call. My sanction is Will Delts, and I'm an expert successful our plus management. Before we begin, delight beryllium alert that statements made during the telephone are not humanities and whitethorn beryllium deemed forward-looking statements wrong the meaning of the Securities and Exchange Act of 1934. Actual results whitethorn disagree materially from those indicated by specified forward-looking statements owed to a assortment of risks and uncertainties, including those disclosed successful the company's astir caller Form 10-Ks and different periodic filings with the SEC. Forward-looking statements talk lone arsenic of the day of this call, February 11, 2026.

The institution undertakes nary work to update them. During this call, absorption whitethorn notation to definite non-GAAP fiscal measures, including funds from operations and nett operating income. Please spot Acadia's net property merchandise posted connected its website for reconciliations of these non-GAAP fiscal measures with the astir straight comparable GAAP fiscal measures. Once the telephone becomes unfastened for questions, we inquire that you bounds your archetypal circular to 2 questions per caller and springiness everyone the accidental to participate. You whitethorn inquire further questions by reinserting yourself into the queue. We'll reply arsenic clip permits. Now it's my pleasance to crook the telephone implicit to Ken Bernstein, President and Chief Executive Officer, who volition statesman today's absorption remarks.

Ken Bernstein: Thank you, Will. Great job. Welcome, everyone. Our beardown 4th fourth results added to an wide beardown twelvemonth with some coagulated interior and outer growth. And this momentum is continuing arsenic we caput into 2026. AJ, Reggie, and John volition sermon our show past 4th and our outlook going forward. But earlier diving into the details, I'd similar to instrumentality a measurement backmost and sermon the cardinal initiatives we enactment successful spot implicit the past fewer years, and however they person positioned america for not lone beardown existent show but besides for beardown semipermanent growth.

A fewer years ago, aft the precise achy multiyear headwinds, archetypal from the retail Armageddon, past from COVID and related issues, it became wide that the beardown rebound successful our portfolio show was apt much than conscionable a COVID rebound and was mounting up for a longer-term affirmative cardinal displacement for retail existent estate. As we've discussed connected anterior calls, these tailwinds benefited astir open-air retail, but they person been particularly beneficial for the thoroughfare retail constituent of our portfolio. And for respective reasons. First, the deficiency of caller improvement of retail existent property for astir a decennary has caused the rebalancing of proviso and request and has been a almighty tailwind for each open-air retail.