Exhibit 99.1

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS SECOND QUARTER 2021 OPERATING RESULTS

RYE, NY (July 28, 2021) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year-to-date period ended June 30, 2021. All per share amounts are on a fully-diluted basis, where applicable.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic 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 net income, funds from operations ("FFO") as per NAREIT and before Special Items (discussed below), and net property operating income ("NOI").

Second Quarter and Recent Highlights

Second Quarter Earnings and Operating Results:

 

o

Exceeded expectations with GAAP earnings per share of $0.04, FFO per share of $0.31 and FFO before Special Items per share of $0.30  

 

o

Raised annual 2021 guidance to $1.05  to $1.14 (from initial guidance of $0.98 to $1.14) to reflect  improved outlook on leasing and credit reserves

 

o

Increased same-property NOI by 13.9%

 

o

Increased collections to 96% of pre-COVID billings (as defined below)

Core Portfolio Leasing:

 

o

Core Portfolio leasing pipeline increased to approximately $14.0 million, with approximately 60% signed to date, including Street leases in Chicago, New York and Washington D.C.

 

o

Core Portfolio is 89.8% occupied and 92.4% leased as of June 30, 2021, compared to 89.5% occupied and 91.0% leased as of March 31, 2021

 

o

GAAP and cash leasing spreads of 7.7% and 1.8%, respectively, on comparable new and renewal leases

Core Structured Financing and Fund Acquisition/Disposition Activity:

 

o

Approximately $170.0 million of Fund V acquisitions under contract and/or agreements in principle

 

o

Funded a $16.0 million Core Structured Financing investment

 

o

Fund IV completed $39.9 million of dispositions and Fund III completed a $10.0 million disposition

Core Balance Sheet and Liquidity:

 

o

Significantly increased liquidity and extended maturities with the closing of a $700.0 million amended and restated credit facility

 

o

Raised gross proceeds of $46.0 million at an average price per share of approximately $22.37 through the at-the-market equity program ("ATM Program")

1


The following information was filed by Acadia Realty Trust (AKR) on Thursday, July 29, 2021 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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