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Acadia Realty Trust (AKR) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1



ACADIA REALTY TRUST REPORTS FIRST QUARTER 2017 OPERATING RESULTS

RYE, NY (April 24, 2017) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2017. 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.

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

Earnings: Generated earnings per share of $0.18 for the first quarter; funds from operations (“FFO”) per share of $0.40 for the first quarter
Core Portfolio Operating Results: Generated same-property net operating income growth of 0.4% for the first quarter; reported a leased rate of 95.7% as of quarter end
Fund Acquisitions: Fund IV acquired a $35 million opportunistic investment during the first quarter
Fund Dispositions: Completed $48 million of fund dispositions during the first quarter
Fund Promote: During 2017, generated approximately $0.6 million (approximately $0.01 per share) of net promote income for the Company from a Fund III asset sale
Balance Sheet: Maintained conservative leverage levels during 2017, as indicated by a net debt to EBITDA ratio of 4.4x and a fixed-charge coverage ratio of 4.8x, both for the Core Portfolio; Acadia did not issue any equity during the first quarter

“Despite the cyclical challenges and long-term secular shifts impacting the retailing industry, our company remains well positioned, as indicated by our solid first quarter results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “First, our high-quality core portfolio contains several in-process value-creation opportunities; at the same time, this portfolio’s urban and street-retail focus, in a handful of gateway cities, and its strong tenancies, provide significant downside protection. Additionally, our complementary fund platform remains active on all fronts, with continued, profitable dispositions and plenty of dry powder, enabling us to remain opportunistic in today’s dislocated marketplace.”

FINANCIAL RESULTS

Net income attributable to common shareholders for the quarter ended March 31, 2017 was $16 million, or $0.18 per share. Net income attributable to common shareholders for the quarter ended March 31, 2016 was $29 million, or $0.40 per share, which included $15 million, or $0.21 per share, from the gain on Fund III's disposition of Cortlandt Town Center.

FFO for the quarter ended March 31, 2017 was $35 million, or $0.40 per share. This compares to FFO for the quarter ended March 31, 2016 of $31 million, or $0.41 per share, which included $0.06 of net Promote income.

Included in net income attributable to common shareholders and FFO for the quarter ended March 31, 2017 was approximately $2 million or $0.03 per share of incremental income recognized in connection with an anticipated monetization of a notes receivable.



1

The following information was filed by Acadia Realty Trust (AKR) on Friday, April 28, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (unaudited) (parentheticals)
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Comprehensive Income (unaudited)
Consolidated Statements Of Income (unaudited)
Consolidated Statements Of Income (unaudited) Consolidated Statements Of Income (unaudited) (parentheticals)
Consolidated Statements Of Shareholders' Equity (parentheticals)
Consolidated Statements Of Shareholders' Equity (unaudited)
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 Notes Payable (details)
Earnings Per Common Share
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
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 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)

Material Contracts, Statements, Certifications & more

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

Ticker: AKR
CIK: 899629
Form Type: 10-Q Quarterly Report
Accession Number: 0000899629-17-000049
Submitted to the SEC: Fri Apr 28 2017 4:34:29 PM EST
Accepted by the SEC: Fri Apr 28 2017
Period: Friday, March 31, 2017
Industry: Real Estate Investment Trusts

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