Acadia Realty Trust (AKR) 10-K Annual Report February 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Acadia Realty Trust provided additional information to their SEC Filing as exhibits

Exhibit 10.5: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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

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