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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND
FULL YEAR 2017 OPERATING RESULTS

RYE, NY (February 21, 2018) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 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 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 $0.25 for the fourth quarter. Funds from operations (“FFO”) per share was $0.35 before acquisition-related costs, and gains/losses on sale or impairment of depreciated and non-operating properties for the fourth quarter
Core Portfolio Operating Results: Reported flat same-property net operating income growth for the year and (1.7)% for the fourth quarter (excluding redevelopment), driven by the previously-reported recapture of occupancy during 2017 which impacted period-over-period comparability. Reported a leased occupancy rate of 95.3% as of December 31, 2017 compared to 96.3% at December 31, 2016
Structured Finance Investments: The Company received repayments of approximately $32 million of structured finance investments during 2017 and an additional $26 million in January 2018
Fund Acquisitions: Fund V acquired a high-yield investment during the fourth quarter for $62 million; 2017 Fund acquisition volume totaled $203 million
Fund Dispositions: Completed $240 million of Fund dispositions during the fourth quarter; 2017 disposition volume totaled $346 million across Funds II, III and IV
Fund III Promote: During 2017, generated approximately $1 million, or $0.01 per share, of net promote income for the Company from Fund III asset sales
Balance Sheet: Acadia did not issue any equity during 2017. Subsequent to year end, the Company extended the maturity of its corporate unsecured facility resulting in reduced borrowing costs and improved flexibility. No additional proceeds were obtained
Share Repurchase Program: The Company’s Board of Trustees authorized a common share repurchase program. Under the program, the Company may purchase up to $200 million of its common stock as market conditions warrant. The shares may be purchased in the open market or in privately negotiated transactions

“Our fourth-quarter operating results were in-line with our expectations and, looking ahead, our company’s long-term growth outlook is strong,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Our high-quality core portfolio, concentrated in five key gateway markets, has several important organic growth opportunities, including contractual rent increases, redevelopment and densification. In the fund platform, we were net sellers in 2017, successfully monetizing our stabilized investments while also finding select new investment opportunities consistent with our high-yield criteria. Most importantly, last year, we continued to strengthen our already-strong balance sheet; as such, we enter 2018 well capitalized and with more than $1 billion of fund buying power.”

1

The following information was filed by Acadia Realty Trust (AKR) on Thursday, February 22, 2018 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 (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Income (parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (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)
Federal Income Taxes
Federal Income Taxes (tables)
Federal Income Taxes - Additional Information (details)
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 - Additional Information (details)
Financial Instruments And Fair Value Measurements - Derivative Financial Instruments (details)
Financial Instruments And Fair Value Measurements - Fair Value By Balance Sheet Grouping (details)
Financial Instruments And Fair Value Measurements - Gain (loss) From Derivative Instruments (details)
Financial Instruments And Fair Value Measurements - Schedule Of Assets And Liabilities On Recurring Basis (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 (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 (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 And Conversions (details)
Real Estate - Dispositions (details)
Real Estate - Pro Forma Financial 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)
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: 0000899629-18-000008
Submitted to the SEC: Tue Feb 27 2018 5:10:23 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Real Estate Investment Trusts

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