Acadia Realty Trust

Capital has been deployed to deepen scale on target streets where Acadia already operates, which should enhance corridor economics over time.

Year to date, management completed about 652 million of acquisitions through Q2, including 110 million on Newbury Street in Boston and 29 million on Melrose Avenue, with further Q3 acquisitions bringing YTD to roughly 742 million and expanding in SoHo, Bleecker, Greenwich Avenue and Melrose.

Funding is balanced between asset sales and forward equity, with the latter reducing balance‑sheet risk at the cost of dilution. The investment management platform completed dispositions and a recapitalization that together generated a 1.9x gross equity multiple, but fee and promote income are variable and complicate forecasting.

Overall discipline looks solid, with corridor roll‑ups likely to earn above‑market returns, though we remain attentive to dilution from unsettled forward equity and the cadence of promotes.