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

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1


ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2016 OPERATING RESULTS

RYE, NY (February 14, 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

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
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)
Schedule Iv - Mortgage Loans On Real Estate
Schedule Iv - Mortgage Loans On Real Estate - Loans On Real Estate (details)
Schedule Iv - Mortgage Loans On Real Estate - Reconciliation Of Loans On Real Estate (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)
Commitments And Contingencies
Commitments And Contingencies (details)
Debt
Debt (tables)
Debt - Mortgage Payable (details)
Debt - Scheduled Principal Repayments (details)
Debt - Summary Of Consolidated Indebtedness (details)
Debt - Unsecured Lines Of Credit (details)
Debt - Unsecured Term Loans (details)
Earnings Per Common Share
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
Federal Income Taxes
Federal Income Taxes (tables)
Federal Income Taxes - Income And Provision For Income Taxes (details)
Federal Income Taxes - Reconciliation Of Net Income To Taxable Income (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 Derivative Financial Instruments (details)
Financial Instruments And Fair Value Measurements - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (details)
Financial Instruments And Fair Value Measurements - Schedule Of Gain (loss) From Derivative Instruments (details)
Investments In And Advances To Unconsolidated Affiliates
Investments In And Advances To Unconsolidated Affiliates (details)
Investments In And Advances To Unconsolidated Affiliates (tables)
Investments In And Advances To Unconsolidated Affiliates - Core Portfolio (details)
Investments In And Advances To Unconsolidated Affiliates - Fund Investments (details)
Investments In And Advances To Unconsolidated Affiliates - Schedule Of Investments In And Advances To Unconsolidated Affiliates (details)
Lease Intangibles
Lease Intangibles (tables)
Lease Intangibles - Schedule Of Intangible Assets And Liabilities (details)
Lease Intangibles - Scheduled Amortization Of Acquired Lease Intangible Assets And Assumed Liabilities (details)
Leases
Leases (tables)
Leases - Capital Leasers (details)
Leases - Lease Obligations (details)
Leases - Operating Leases (details)
Notes Receivable, Net
Notes Receivable, Net (tables)
Notes Receivable, Net - Narrative (details)
Notes Receivable, Net - Schedule Of Notes Receivable (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)
Other Assets, Net And Accounts Payable And Other Liabilities
Other Assets, Net And Accounts Payable And Other Liabilities (details)
Other Assets, Net And Accounts Payable And Other Liabilities (tables)
Real Estate
Real Estate (tables)
Real Estate - Acquisitions (details)
Real Estate - Discontinued Operations (details)
Real Estate - Dispositions (details)
Real Estate - Pro Forma Information (details)
Real Estate - Properties Held For Sale (details)
Real Estate - Real Estate Under Development And Construction In Progress (details)
Real Estate - Schedule Of Real Estate (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Share Incentive And Other Compensation
Share Incentive And Other Compensation (tables)
Share Incentive And Other Compensation - Employee 401 (k) Plan (details)
Share Incentive And Other Compensation - Employee Share Purchase Plan And Deferred Share Plan (details)
Share Incentive And Other Compensation - Narrative (details)
Share Incentive And Other Compensation - Schedule Of Stock Options Activity (details)
Share Incentive And Other Compensation - Schedule Of Unvested Shares And Ltip Units (details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income (tables)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Accumulated Other Comprehensive Income (details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Common Shares, Share Repurchases And Dividends And Distributions (details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Noncontrolling Interest (details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Preferred Op Units (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)
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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