AKRMEDIUM SIGNALFINANCIAL10-K

AKR shows mixed financial performance with revenue growth offset by declining profitability and increased debt levels.

The company achieved solid revenue growth of 14.2% while maintaining healthy operating cash flow expansion, suggesting operational momentum. However, the 25% decline in operating income despite higher revenues indicates margin pressure or increased costs that investors should monitor closely.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

AKR delivered a mixed financial picture with revenue growing 14.2% to $410.8M and operating cash flow expanding 18.9% to $167.0M, demonstrating strong top-line and cash generation. However, operating income declined 24.7% to $49.4M and net income fell 22% to $16.9M, suggesting significant margin compression. The company increased total debt 21.2% to $1.9B while total assets grew more modestly at 10.7% to $4.8B, indicating higher leverage to fund operations or acquisitions.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-24.7%
$65.7M$49.4M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Net Income
P&L
-22%
$21.6M$16.9M

Net income declined 22% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
+21.2%
$1.5B$1.9B

Debt rose 21.2% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+20.1%
$1.8B$2.2B

Liabilities increased 20.1% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
+18.9%
$140.4M$167.0M

Operating cash flow grew 18.9% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+14.2%
$359.7M$410.8M

Revenue growing 14.2% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+10.7%
$4.4B$4.8B

Asset base grew 10.7% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
The proxy statement will be filed by the registrant with the Securities and Exchange Commission (the SEC ), not later than 120 days after the end of the registrant s fiscal year.
We may not be able to recover our investments in other retail operations investments, which may result in significant losses to us.
Our board of trustees ( Board ) may change our investment policy or objectives without shareholder approval.
Increased IT security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services.
AI presents risks and challenges that can impact our business, results of operations, and reputation, including by posing security risks to our confidential information, proprietary information, and personal data.
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REMOVED
Risk Factors in the Report on Form 10-K: Risks related to our business, properties and tenants There are risks relating to investments in real estate that could adversely affect our financial condition, cash flows, results of operations, and ability to satisfy our debt service obligations and make distributions to our shareholders.
We may not be able to recover our investments in marketable securities or other investments, which may result in significant losses to us.
Increased Information Technology ( IT ) security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services.
GENERAL Acadia Realty Trust (the Trust ) was formed on March 4, 1993 as a Maryland REIT.
All references to Acadia, we, us, our and Company refer to the Trust and its consolidated subsidiaries.
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