MeritValue

ACADIA REALTY TRUST

AKRdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

ACADIA REALTY TRUST earns about -0% on invested capital, but has diluted owners by 47% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.6 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$292.5M1$326.3M1$338.7M2$359.7M2$410.8M2
Net income$26M3−$65.3M4$19.9M5$21.7M5$16.9M5
Operating cash flow$105M6$133.2M7$155.8M8$140.4M8$167M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.81B9$1.79B10$1.87B11$1.54B12$1.86B12
Cash & equivalents$17.7M13$17.2M14$17.5M14$16.8M14$38.8M14
Diluted shares87.7M94.6M95.3M108.3M128.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$172.98
your share of equity
Profit it earned you last year
$1.31
Free cash flow it threw off
—
Debt you’d be carrying
$144.79

10 shares is a claim on $172.98 of net worth that earned you $1.31 last year, against $144.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 1%FY22 -1%FY23 -0%FY24 0%FY25 -1%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+47% shares · 5y

Share count is up 47% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$1.6
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$19.9M
  • growthAssumed0.0%
Graham Number
$6.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-016567 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-051677 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-24-016567 (ProfitLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-25-021145 (ProfitLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-051677 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-24-016567 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-021145 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-051677 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-005499 (LongTermDebt)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-016567 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-021145 (LongTermDebt)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-051677 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-25-021145 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-26-051677 (CashAndCashEquivalentsAtCarryingValue)