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Acadia Realty Trust (AKR) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1


ACADIA REALTY TRUST REPORTS SECOND QUARTER 2017 OPERATING RESULTS

RYE, NY (July 25, 2017) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 2017. All per share amounts 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 $0.14 for the second quarter; funds from operations (“FFO”) per share of $0.37 for the second quarter, and FFO of $0.38 per share before acquisition costs
Core Portfolio Operating Results: Generated same-property net operating income growth of 1.8% for the second quarter; reported a leased rate of 95.2% as of quarter end
Fund Acquisitions: Fund V acquired its first investment during the second quarter for $35 million; Fund V also has $44 million of acquisitions under contract
Fund Dispositions: Completed a $6 million Fund IV disposition during the second quarter, resulting in a 29% IRR and 2.2x multiple; additionally, Fund III sold a $22 million property in July 2017, resulting in a 14% IRR and 1.6x multiple; Fund II also has $96 million under contract for sale
Balance Sheet: Maintained conservative leverage levels during 2017, as indicated by a net debt to EBITDA ratio of 4.5x and a fixed-charge coverage ratio of 4.5x, both for the Core Portfolio; Acadia did not issue any equity during the second quarter

“Our company continues to successfully execute its dual-platform strategy, as reflected in our solid second-quarter results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Over the past several years, we have built a high-quality core portfolio, with a concentration of live-work-play, urban and street-retail locations in our nation’s key gateway cities. Not only is there significant growth to harvest within our existing core and fund investments, but also, we have dry powder, in both platforms, that enables us to opportunistically respond to overreactions to today’s cyclical headwinds and secular shifts. All in all, we remain well positioned and active.”

FINANCIAL RESULTS

Net income attributable to common shareholders for the quarter ended June 30, 2017 was $12 million, or $0.14 per share. Net income attributable to common shareholders for the quarter ended June 30, 2016 was $18 million, or $0.24 per share, which included $4 million, or $0.06 per share, of gain from a Fund property disposition. Net income attributable to common shareholders for the six months ended June 30, 2017 was $27 million, or $0.33 per share. Net income attributable to common shareholders for the six months ended June 30, 2016 was $46 million, or $0.64 per share, which included $19 million, or $0.27 per share, of gain from two Fund property dispositions.

FFO for the quarter ended June 30, 2017 was $33 million, or $0.37 per share, which was net of $0.2 million of acquisition costs. This compares to FFO for the quarter ended June 30, 2016 of $29 million, or $0.37 per share, which was net of $0.7 million of acquisition costs. FFO for the six months ended June 30, 2017 was $69 million, or $0.77 per share, which was net of $0.3 million of acquisition costs. This compares to FFO for the six months ended June 30, 2016 of $60 million, or $0.78 per share, which was net of $0.9 million of acquisition costs. 



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The following information was filed by Acadia Realty Trust (AKR) on Friday, July 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 (parenthetical)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Cash Flows (unaudited) (parentheticals)
Consolidated Statements Of Comprehensive Income (unaudited)
Consolidated Statements Of Income (unaudited)
Consolidated Statements Of Income (unaudited) (parenthetical)
Consolidated Statements Of Shareholders' Equity (unaudited)
Consolidated Statements Of Shareholders' Equity (unaudited) (parenthetical)
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 (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)
Investments In And Advances To Unconsolidated Affiliates - 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 (policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Narrative (details)
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 - Schedule Of Real Estate (details)
Real Estate - Under Development And Construction In Progress (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: 0000899629-17-000075
Submitted to the SEC: Fri Jul 28 2017 4:53:46 PM EST
Accepted by the SEC: Fri Jul 28 2017
Period: Friday, June 30, 2017
Industry: Real Estate Investment Trusts

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