AKR - Small Estimate Adjustments, Raising Price Target to $24 from $23 and Maintaining Buy Rating

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AKR - Small Estimate Adjustments, Raising Price Target to $24 from $23 and Maintaining Buy Rating

Truist Securities

Equity Research Report June 9, 2026

REAL ESTATE INVESTMENT Acadia Realty Trust (AKR)

TRUSTS: Retail REITs

AKR - Small Estimate Adjustments, Raising Price Target to $24

Michael Lewis, CFA from $23 and Maintaining Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

We are maintaining our 2026 normalized FFO estimate and lowering our 2027 estimate by

Anthony Hau a penny per share. We are slightly raising our 12-month price target to $24 from $23. The

212-303-4176 stock started the year a little slower than most REIT REIT peers’, but is up 7% in the past

Anthony.Hau@truist.com three months versus 3% for REITs overall and above-average projected earnings growth

could support continued momentum.

Stock Rating BUY Adjusting FFO Estimates: We are lowering our 2026 FFO estimate to $1.20 per share

Unchanged from $1.23ps, due to higher transaction & other expenses, which is within management’s

$1.17-$1.21ps guidance range. Excluding transaction costs and other non-recurring items,

Price Target $24.00 our 2026 FFO as Adjusted estimate (company definition) remains $1.23ps, in line with

↑ the $1.23ps consensus.

from

$23.00 We are lowering our 2027 FFO estimate by a penny per share to $1.33s ($1.31ps FFO

as Adjusted) from $1.34ps ($1.32ps) versus the $1.31ps consensus. Our estimates imply

7.5% year-over-year normalized FFOps growth in 2026, followed by a 5.9% increase in

2027. We project 6.6% average annual normalized FFOps growth from 2026-2031.

TR to Target 11.8%

Price (Jun. 8, 2026) $22.19 Figure 1: Truist Securities FFO Estimate Updates

52-Wk Range $22.44-$18.07

Market Cap ($M) $3,149

ADTV 753,287

Shares Out (M) 142