Exhibit 99.1

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2020 OPERATING RESULTS

RYE, NY (February 10, 2021

) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2020. All per share amounts are on a fully-diluted basis, where applicable.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.

Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income, funds from operations ("FFO") as per NAREIT and before Special Items (discussed below), and net property operating income ("NOI") that were each impacted due to the COVID-19 Pandemic.

Fourth Quarter and Recent Highlights

Core Portfolio Cash Collections: Cash collections in excess of 90%

 

o

Collected 91% of billed rents and recoveries for the fourth quarter 2020

 

o

Collected 91% of January 2021 billed rents and recoveries

Core Portfolio Opening Status: Stable tenant openings

 

o

Approximately 88% and 90% of Core Portfolio’s tenants were open for business at December 31, 2020 based on pro-rata gross annualized base rents (“ABR”) and gross leasable area (“GLA”), respectively

 

o

Approximately 89% and 92% of Core Portfolio’s tenants were open for business at January 31, 2021 based on pro-rata gross ABR and GLA, respectively

Core Portfolio Leasing Progress: Strengthening Core leasing pipeline

 

o

Core leasing pipeline in excess of $8.0 million, with approximately 40% executed to date

 

o

Majority of pipeline resides within its Street/Urban portfolio, including New York City (Soho) and Chicago, IL

 

o

GAAP and cash leasing spreads of 13.9% and 5.8%, respectively, on comparable new and renewal leases executed during the fourth quarter 2020

Earnings: Fourth quarter results

 

o

GAAP loss per share of $0.12, NAREIT FFO per share of $0.29 and FFO before Special Items per share of $0.24

Core Portfolio Operating Results: Improved same-property NOI as compared to third quarter

 

o

Decrease in same-property NOI of 14.2% for the fourth quarter 2020 (as compared to a decline of 21.4% for the third quarter 2020) due to improving credit reserves

Fund Update:

 

o

Fund V has 40% of remaining capital commitments (approximately $600.0 million on a leveraged basis)

Investment Activity: Subsequent to year-end, disposition activity within the Core and Fund portfolios

1

 


The following information was filed by Acadia Realty Trust (AKR) on Wednesday, February 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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