Acadia Realty Trust (AKR) 10-Q Quarterly Report November 2017

RYE, NY (November 2, 2017) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 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 $0.15 and funds from operations (“FFO”) per share of $0.37 for the third quarter


•	Core Portfolio Operating Results: Same-property net operating income growth was stable (0.0%) for the third quarter; reported a leased occupancy rate of 95.0% as of quarter end


•	Core Acquisition and Structured Finance Investments: The Company did not acquire any investments in the Core Portfolio during the third quarter. The Company anticipates repayments of approximately $32 million of structured finance investments during 2017, of which $12 million has been repaid through September 30th


•	Fund Acquisitions: Fund V acquired two high-yield investments during the third quarter for $70 million; year-to-date Fund acquisition volume totals $141 million


•	Fund Dispositions: Completed $53 million of Fund dispositions during the third quarter; year-to-date disposition volume totals $212 million across Funds II, III and IV, including $106 million completed during October; the Fund platform also has $29 million of dispositions under contract


•	Fund III Promote: During 2017, generated approximately $1 million (approximately $0.01 per share) of net promote income for the Company from Fund III asset sales, including $0.4 million recognized during the third quarter


•	Balance Sheet: Maintained conservative leverage levels during 2017; Acadia did not issue any equity during the third quarter

“During the third quarter, our portfolio performed in line with our expectations and we remained disciplined,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Our core growth plan is well underway, which is laying the groundwork for long-term, above-average growth. Within our fund platform, we remain opportunistic buyers and successful sellers while continuing to execute on our existing value-add projects. Looking ahead, given our solid balance sheet and the significant capital availability within our fund platform, we are also well-positioned to opportunistically respond to opportunities that are beginning to form.”

The following information was filed by Acadia Realty Trust (AKR) on Friday, November 3, 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

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0000899629-17-000083
Submitted to the SEC: Fri Nov 03 2017 5:35:06 PM EST
Accepted by the SEC: Mon Nov 06 2017
Period: Saturday, September 30, 2017
Industry: Real Estate Investment Trusts

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

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