John Gottfried
Executive VP & CFO at Acadia Realty Trust
And in terms of estimated timing and impact on annual earnings, approximately $11,000,000 of the $15,000,000 of ABR is projected to commence in the 2025, with the remaining $4,000,000 expected to commence in 2026. And when layering in the expected rent commencement dates, we are expecting incremental earnings of approximately $3,000,000 in the 2025, of which $2,500,000 of this is expected to be reported within our same store pool, followed by incremental earnings of $8,500,000 in 2026, with approximately $5,300,000 of this being same store, leaving us with $3,500,000 of incremental earnings in 2027. Please note of the amounts that I just discussed, this reflects just the ABR impact of the $15,000,000 meaning the actual NOI will differ slightly, as it doesn't factor in the additional tenant recoveries that we will receive or the impact of the cost capitalization I mentioned earlier associated with assets and redevelopment. So while it's a bit early, our initial 2026 model has our NOI increasing in excess of 10%. And while our team still has some leasing to do to achieve this target, we are well on our way with the $15,000,000 of executed leases in our S and O pipeline. So stay tuned as we refined our 2026 budgets and expectations, but given the strong and continued momentum of NOI growth as we head into 2026, along with a fully hedged balance sheet with no meaningful maturities, we remain confident that this NOI growth will drop to our bottom line earnings.