AKRACADIA REALTY TRUST

Real Estate Investment Trusts

Revenue: $411M; 14% YoY
Operating margin: 12.0%; 34% YoY
EBITDA: $207M; 1.1% YoY
Market cap: $2.6B
Employees: 138; $3M revenue each
Net debt / EBITDA: 8.6×; $1.8B net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
988% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
94% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$553K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$292M	$326M	$339M	$360M	$411M	14%
Operating income	$31M	$68M	$49M	$66M	$49M	25%
Net income	—	—	$20M	$22M	$17M	22%
Operating cash flow	$105M	$133M	$156M	$140M	$167M	19%
Stock-based comp	$12M	$11M	$13M	$13M	$12M	9.2%
Dividends	$39M	$65M	$69M	$76M	$101M	33%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $553K · 1
Net: −$553K

Pay vs performance

No pay-versus-performance disclosure yet.