Last10K.com

Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1


ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2015 OPERATING RESULTS

RYE, NY (February 9, 2016)
- Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2015. All per share amounts, below, are on a fully-diluted basis.

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

Highlights

Earnings: Achieved high-end of earnings guidance with funds from operations (“FFO”) per share of $0.35 for the fourth quarter and full year of $1.53 ($1.56 before acquisition related costs); generated earnings per share (“EPS”) of $0.13 for the fourth quarter and $0.94 for the full year
Core Portfolio Operating Results: Excluding redevelopments, generated same-property net operating income (“NOI”) growth over 2014 of 4.9% for the fourth quarter and 4.0% for the full year; achieved a leased rate of 96.9% as of year end
Core Portfolio Acquisitions: During 2015 and year-to-date 2016, acquired $294.7 million, including $237.4 million of property - of which, 90% was urban retail - and the acquisition of interests in two of the Company-managed Funds representing $57.3 million of gross property value
Fund Dispositions: During 2015 and year-to-date 2016, completed $435.1 million of dispositions; of this amount, $295.3 million was sold by Fund III, generating a blended 39.1% IRR and 2.60x multiple
Fund III Promote: During first quarter 2016, generated approximately $4.0 million (approximately $0.05 per share) of net promote income for the Company from the recapitalization of Fund III’s Cortlandt Town Center
Fund Acquisitions: During 2015 and year-to-date 2016, Fund IV completed $173.9 million of acquisitions - including a preferred equity investment in Chicago’s West Loop, completed in February 2016
Balance Sheet: Maintained conservative leverage levels by matchfunding acquisitions; sourced $96.9 million of net proceeds during 2015 and year-to-date 2016 through the issuance of Common Shares and OP Units
Dividends: During January 2016, paid a special cash dividend of $0.25 per share, which was sourced from profitable Fund asset sales; in addition increased the regular quarterly dividend 4.2% to $0.25 for the fourth quarter

“We are pleased with our solid 2015 operating results, which reflect the high quality of our core real estate portfolio,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “In addition, we continued to supplement this organic growth with approximately $900 million of accretive transactional activity, which included both acquisitions and very profitable fund dispositions. Taken together with our consistently-healthy, low-leveraged balance sheet, it is clear that our company has a solid foundation on which to continue to deliver attractive investment returns for all of our stakeholders.”

Financial Results

FFO for the quarter ended December 31, 2015 was $25.4 million, or $0.35 per share. This compares to FFO for the quarter ended December 31, 2014 of $20.2 million, or $0.30 per share, which was net of $1.6 million, or $0.02 per share, of acquisition costs.

FFO for the year ended December 31, 2015 was $111.6 million, or $1.53 per share, which included $9.4 million, or $0.13 per share, of gain from the sale of air rights at Fund II’s City Point development project and was net of $2.2 million, or $0.03 per share, of acquisition costs. FFO of $1.56 before acquisition costs is at the upper end of the Company’s recently increased guidance range. FFO for the year ended December 31, 2014 was $78.9 million, or $1.26 per share, net of $5.2 million, or $0.09 per share, of acquisition costs.



The following information was filed by Acadia Realty Trust (AKR) on Friday, February 12, 2016 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.

View differences made from one year to another to evaluate Acadia Realty Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acadia Realty Trust.

Continue

Assess how Acadia Realty Trust's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Acadia Realty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation Reconciliation Of Accumulated Depreciation (details)
Schedule Iii - Real Estate And Accumulated Depreciation Reconciliation Of Real Estate Properties (details)
Schedule Iii - Real Estate And Accumulated Depreciation Schedule Of Real Estate And Accumulated Depreciation (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parentheticals)
Acquired Lease Intangibles
Acquired Lease Intangibles (details)
Acquired Lease Intangibles (tables)
Acquisition And Disposition Of Properties, Discontinued Operations And Properties Held For Sale (tables)
Acquisition And Disposition Of Properties, Discontinued Operations And Properties Held For Sale - Acquisitions (details)
Acquisition And Disposition Of Properties, Discontinued Operations And Properties Held For Sale - Discontinued Operations (details)
Acquisition And Disposition Of Properties, Discontinued Operations And Properties Held For Sale - Dispositions (details)
Acquisition And Disposition Of Properties, Discontinued Operations And Properties Held For Sale - Properties Held For Sale (details)
Acquisiton And Dispostion Of Properties, Discontinued Operations And Properties Held For Sale
Commitments And Contingencies
Commitments And Contingencies (details)
Convertible Notes Payable
Convertible Notes Payable (details)
Deferred Charges
Deferred Charges (details)
Deferred Charges (tables)
Dividends And Distributions Payable
Dividends And Distributions Payable (details)
Earnings Per Common Share
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
Employee 401(k) Plan
Employee 401(k) Plan (details)
Employee Share Purchase And Deferred Share Plan
Employee Share Purchase And Deferred Share Plan (details)
Federal Income Taxes
Federal Income Taxes (tables)
Federal Income Taxes Income And Provision For Income Taxes (details)
Federal Income Taxes Tax Reconciliation (details)
Federal Income Taxes Tax Status Of Dividends (details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (tables)
Financial Instruments And Fair Value Measurements Fair Value By Balance Sheet Grouping (details)
Financial Instruments And Fair Value Measurements Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (details)
Investments In And Advances To Unconsolidated Affiliates
Investments In And Advances To Unconsolidated Affiliates (details)
Investments In And Advances To Unconsolidated Affiliates (tables)
Lease Obligations
Lease Obligations (details)
Lease Obligations (tables)
Mortgage Loan And Other Indebtedness Balances (details)
Mortgages And Other Notes Payable
Mortgages And Other Notes Payable (tables)
Mortgages And Other Notes Payable Mortgage Loan Activity (details)
Mortgages And Other Notes Payable Narrative (details)
Mortgages And Other Notes Payable Scheduled Principal Repayments (details)
Mortgages And Other Notes Payable Secured And Unsecured Credit Facilities (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments (tables)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Allowance For Credit Losses On Notes Receivable (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Notes Receivable (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Notes Receivable And Preferred Equity Investments Reconciliation (details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies Schedule Of Operating Partnership's Equity Interest (details)
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (tables)
Segment Reporting Balance Sheet (details)
Segment Reporting Income Statement (details)
Share Incentive Plan
Share Incentive Plan (details)
Share Incentive Plan (tables)
Share Incentive Plan Schedule Of Options Activity (details)
Share Incentive Plan Schedule Of Unvested Shares And Ltip Units (details)
Shareholders' Equity And Noncontrolling Interests
Shareholders' Equity And Noncontrolling Interests (tables)
Shareholders' Equity And Noncontrolling Interests Common Shares (details)
Shareholders' Equity And Noncontrolling Interests Noncontrolling Interest (details)
Subsequent Events
Subsequent Events (details)
Summary Of Quarterly Financial Information (unaudited)
Summary Of Quarterly Financial Information (unaudited) (details)
Summary Of Quarterly Financial Information (unaudited) (tables)
Tenant Leases
Tenant Leases (details)
Tenant Leases (tables)
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0000899629-16-000040
Submitted to the SEC: Fri Feb 19 2016 4:34:15 PM EST
Accepted by the SEC: Fri Feb 19 2016
Period: Thursday, December 31, 2015
Industry: Real Estate Investment Trusts

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/akr/0000899629-16-000040.htm