AKR · Acadia Realty Trust Q2 FY2026 earnings call record财报电话会记录

“Limited new supply, strong tenant performance driven by the affluent consumers who shop our corridors, most significantly, the increasing demand due to the long-term migration of brands away from wholesale or department stores and towards their own direct-to-consumer stores.”

“This increased demand and ensuing market rent growth is only half the story.”

“Since the third quarter of 2024, we have invested approximately $700 million in street retail acquisitions in our REIT portfolio.”

“Even with the record volumes we've achieved during the second quarter, the pipeline of prospective leases and advanced negotiation remains strong, with over $10 million in additional ABR being actively negotiated.”

“That brings us to the second factor, which is tenant sales growth and occupancy costs, especially for those tenants catering to the higher-earning customers that shop our streets.”

“I'll start my remarks covering our recent transaction activity and current pipeline, which is keeping us on our traditional pace of $400 million-$500 million of street retail acquisitions per year.”

“Year to date, we've closed over $228 million in acquisitions for our REIT portfolio, including $149 million in Q2 to date, all while hitting our key metrics, accretive to NAV, accretive to FFO at a rate of a penny per $200 million with NOI CAGR in excess of 5%.”

“It was another clean quarter that exceeded our expectations, enabling us to once again raise our full-year earnings guidance.”

“That said, with same property growth of 7.3% through the first six months and continued strength expected in the second half of the year, our full-year model has us trending above the midpoint of our 5%-9% range.”

“highlighted, through our team's record leasing, our S&O pipeline increased nearly 60% during the second quarter, reaching an all-time high of $16.5 million, or roughly 7% of our pro rata ABR.”

“Given the strong operating fundamentals and increased confidence heading into the second half of the year, together with the accretion from our external growth, we raised our full-year earnings guidance again this quarter, now targeting approximately 10% year-over-year FFO growth at the midpoint.”

“Thankfully, we have enough other markets where we have a unique position that we have been able, year in, year out, to do $300 million-$500 million of acquisitions without getting priced out.”