Acadia Realty Trust (AKR) 10-K Annual Report February 2018

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.”

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

Material Contracts, Statements, Certifications & more

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

Exhibit 10.7: Material Contract

Exhibit 10.9: Material Contract

Exhibit 10.13: Material Contract

Exhibit 10.14: Material Contract

Exhibit 21.0: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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

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