阿卡迪亚不动产信托 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number 001-12002ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) 23-2715194(I.R.S. Employer Identification No.) Maryland(State or Other Jurisdiction of Incorporation orOrganization) 411 Theodore Fremd Avenue, Suite 300 Rye, NY 10580(Address of principal executive offices)(914) 288-8100(Registrant’s telephone number, including area code) Title of class of registered securitiesTrading symbolName of exchange on which registeredCommon shares of beneficial interest,par value $0.001 per shareAKRThe New York Stock Exchange Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. YES☒ NO☐ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). NO☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Accelerated Filer☐Emerging Growth CompanyNon-accelerated Filer☐Smaller Reporting Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) YES☐NO☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30,2025, the last business day of the registrant’s most recently completed second fiscal quarter was approximately $2,432.87 million,based on a price of $18.57 per share, the average sales price for the registrant’s common shares of beneficial interest on the NewYork Stock Exchange on that date. The number of shares of the registrant’s common shares of beneficial interest outstanding on February 10, 2026 was 131,039,388. DOCUMENTS INCORPORATED BY REFERENCE Portions of the proxy statement for the registrant’s 2026 annual meeting of shareholders are incorporated by reference in Part III ofthis Annual Report on Form 10-K (the “Report”). The proxy statement will be filed by the registrant with the Securities andExchange Commission (the “SEC”), not later than 120 days after the end of the registrant’s fiscal year. ACADIA REALTY TRUST AND SUBSIDIARIESFORM 10-KINDEX Item No.DescriptionPage PART I1.Business1A.Risk Factors1B.Unresolved Staff Comments1C.Cybersecurity2.Properties3.Legal Proceedings4.Mine Safety Disclosures PART II5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities416.[Reserved]437.Management’s Discussion and Analysis of Financial Condition and Results of Operations437A.Quantitative and Qualitative Disclosures about Market Risk568.Financial Statements and Supplementary Data589.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure1249A.Con