ACADIA REALTY TRUST 8-K

What Happened
ACADIA Realty Trust (via Acadia Realty Limited Partnership and certain subsidiaries) entered into a Fourth Amended and Restated Credit Agreement dated April 17, 2026. The agreement extends and restates the prior credit facility and revises the company’s revolving and term loan facilities, adjusts maturities and adds a new term loan. The Company and certain subsidiaries are guarantors of the Operating Partnership’s obligations under the facility.

Key Details

• Revolving Facility: $525.0 million revolver extended from April 15, 2028 to April 17, 2030, with two additional six‑month extension options; letters of credit capacity up to $60.0 million.
• Term Loans: existing $400.0 million term loan increased to $512.5 million (Term Loan A‑1) and extended to April 17, 2031; new Term Loan A‑3 of $137.5 million maturing April 17, 2031; Term Loan A‑2 remains $250.0 million maturing May 29, 2030.
• Pricing (at closing): borrowings at SOFR+margin or base rate+margin. Revolver margins: SOFR +1.00% / base +0.00%; Term Loan A‑1 & A‑3: SOFR +1.15% / base +0.15%; Term Loan A‑2: SOFR +1.20% / base +0.20%. Base rate = max(Fed Funds +0.5%, BofA prime, 1‑month Term SOFR +1%, 1%).
• Other: accordion feature to increase total capacity up to $2.0 billion (subject to conditions); customary covenants and limits on dividends/distributions; subsidiaries owning covenant‑included properties must guaranty obligations until the Operating Partnership obtains at least a BBB‑ (S&P) / Baa3 (Moody’s) rating.

Why It Matters
This amendment extends the maturity of ACADIA’s key revolving credit line, adds incremental term debt and pushes principal term maturities into 2030–2031, which can provide greater near‑term liquidity and refinancing flexibility. The pricing and covenant structure (including guarantor requirements until a minimum investment‑grade rating) define near‑term borrowing costs and restrictions that investors should consider when assessing the company’s financing profile and dividend/distribution capacity. The full credit agreement was filed as an exhibit to the 8‑K.