SCHEDULE: FMR LLC Boosts Acadia Realty Trust Stake to 9.1%

Sentiment:

Beneficial Ownership Report 6 August 2025 11:51 AM

FMR LLC and Abigail P. Johnson have reported a 9.1% beneficial ownership stake in Acadia Realty Trust common stock as of June 30, 2025.

Summary

FMR LLC and Abigail P. Johnson, as reporting persons, beneficially own an aggregate of 11,917,217.64 shares of Acadia Realty Trust common stock.
This aggregate amount represents 9.1% of the outstanding common stock of Acadia Realty Trust.
FMR LLC holds sole voting power over 11,871,402.00 shares and sole dispositive power over 11,917,217.64 shares.
Abigail P. Johnson holds sole dispositive power over 11,917,217.64 shares, with no sole or shared voting power.
The securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of Acadia Realty Trust.
FMR LLC is classified as a parent holding company, and Abigail P. Johnson is classified as an individual.
Subsidiaries of FMR LLC, including Fidelity Management & Research Company LLC, beneficially own 5% or greater of the outstanding shares.

Sentiment

Score: 7

Explanation: The filing indicates a significant beneficial ownership stake by a major institutional investor, FMR LLC, and its CEO, Abigail P. Johnson, in Acadia Realty Trust. This suggests confidence in the issuer, although the filing explicitly states the shares are held in the ordinary course of business and not for control purposes.

Positives

A significant beneficial ownership stake by a major institutional investor like FMR LLC and its CEO, Abigail P. Johnson, can be interpreted as a vote of confidence in Acadia Realty Trust's prospects.
The explicit statement that the shares are held in the ordinary course of business and not for control purposes indicates a passive, long-term investment intent, which can provide stability.

Risks

The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating potential risks associated with activist investor involvement.

Future Outlook

Management Comments

"By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This Schedule 13G filing is a routine disclosure for institutional investors like FMR LLC when their beneficial ownership in a public company, such as a Real Estate Investment Trust (REIT) like Acadia Realty Trust, exceeds 5%. It signifies a passive investment, indicating that the investor is not seeking to influence or change control of the issuer, which is common for large asset managers holding diversified portfolios.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Internal Governance Disclosure	Members of the Johnson family, including Abigail P. Johnson, are the predominant owners (49% voting power) of Series B voting common shares of FMR LLC and have a shareholders' voting agreement, which may deem them to form a controlling group with respect to FMR LLC under the Investment Company Act of 1940.	NA	This clarifies the internal control structure of the reporting entity (FMR LLC) but does not indicate any changes or intent to influence the corporate governance of Acadia Realty Trust.

Related Party Transactions

The filing details the relationship between FMR LLC and Abigail P. Johnson, noting Abigail P. Johnson's role as Director, Chairman, and CEO of FMR LLC, and the Johnson family's predominant ownership and voting agreement regarding FMR LLC's Series B voting common shares.

Stakeholder Impact

Shareholders of Acadia Realty Trust may view the increased stake by a prominent institutional investor like FMR LLC as a positive signal, potentially bolstering investor confidence and market perception of the company.

Key Dates

Date	Description
05/23/2023	Effective date of Power of Attorney for Richard Bourgelas to sign on behalf of FMR LLC and Abigail P. Johnson.
08/08/2023	Date of previous Schedule 13G filing by FMR LLC, referenced for Power of Attorney incorporation.
06/30/2025	Date of event which required the filing of this statement, indicating the beneficial ownership threshold was met or changed as of this date.
08/05/2025	Date of signing and filing of this Schedule 13G Amendment No. 2.

Recommendation

hold

The filing indicates a substantial beneficial ownership stake by FMR LLC and Abigail P. Johnson in Acadia Realty Trust, signaling institutional confidence. However, as a passive ownership disclosure, it does not provide new operational or financial data to warrant a change in investment thesis. It reinforces a 'hold' position for investors who believe in the long-term prospects of Acadia Realty Trust, as a major institutional player is also invested.

Keywords

Acadia Realty Trust, FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Common Stock, REIT, Institutional Investor, Real Estate

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