Acadia Realty Trust (AKR) 10-K Annual Report February 2017

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

Acadia operates under a dual platform structure, which is 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.

Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to FFO and net income.

Highlights


•	Transactional Activity: During 2016 and year-to-date 2017, completed $1.1 billion of total transactions across the Core and Fund platforms; of this amount, $395 million was completed during fourth quarter 2016 and $19 million was completed subsequent to year end


•	Core Acquisitions: During 2016, acquired $627 million of urban/street-retail properties on a leverage neutral basis, of which $141 million closed during the fourth quarter


•	Fund Acquisitions: During 2016, Fund IV acquired $261 million of opportunistic and value-add investments, of which $196 million closed during the fourth quarter


•	Fund Dispositions: During 2016, Fund III completed $212 million of dispositions ($58 million closed during fourth quarter 2016), resulting in a blended 41% IRR and 3.4x multiple; additionally, Fund IV sold a $19 million property in January 2017, resulting in a 21% IRR and 2.5x multiple


•	Fund III Promote: During 2016, Fund III generated approximately $10 million ($0.13 per share) of net promote income for the Company; of this amount, approximately $3.4 million ($0.04 per share) was generated during the fourth quarter.


•	Acquisition “Dry Powder”:


•	Fund V: During 2016, raised $520 million of capital commitments for Fund V, which has approximately $1.5 billion of buying power; Fund V’s investment period began on August 10


•	Balance Sheet: During 2016, maintained conservative leverage levels by matchfunding $627 million of Core acquisitions with $479 million of equity, net of related costs


•	Earnings: Generated earnings per share (“EPS”) of $0.24 for the fourth quarter and $0.94 for the full year; funds from operations (“FFO”) per share of $0.39 for the fourth quarter, and FFO per share of $0.40 for the fourth quarter, before the deduction of $0.01 per share, for acquisition expenses


•	Core Portfolio Operations: Generated same-property net operating income growth, compared to 2015, of 3.7% for the fourth quarter and 3.4% for the full year; reported a leased rate of 96.3% as of year end


•	Dividends: During January 2017, paid a special cash dividend of $0.15 per share, which was sourced from profitable Fund asset sales; additionally, increased the regular quarterly dividend by 4% to $0.26 per share for the fourth quarter

“We had another strong year, with respect to both our transactional activity and our operating results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Looking ahead, to 2017 and beyond, our differentiated core portfolio, which is largely concentrated in five key gateway markets, has a strong growth profile, driven by our 2016 acquisitions and opportunities to harvest embedded value within our existing portfolio. Complementing this, our buy-fix-sell fund platform continues to operate on all cylinders, as we profitably monetize our completed value-add projects and plant seeds for future profit-taking. With plenty of dry powder in each of our dual platforms, we like how we’re positioned.”

The following information was filed by Acadia Realty Trust (AKR) on Tuesday, February 21, 2017 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 21.0: 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: 0000899629-17-000009
Submitted to the SEC: Fri Feb 24 2017 4:51:51 PM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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