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Acadia Realty Trust (AKR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Acadia Realty Trust

HISTORY TOOLS
CIK: 899629 Ticker: AKR

 

Exhibit 99.1

img225797853_0.jpg 

 

Jennifer Han

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2022 OPERATING RESULTS

RYE, NY (February 14, 2023)

- Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2022. For the quarter ended December 31, 2022, net earnings per share was $0.04 and for the year ended December 31, 2022, net loss per share was $0.40, primarily due to (i) Core and Fund non-cash impairment charges incurred during the three months ended September 30, 2022, as fully detailed in the third quarter 2022 earnings release dated November 1, 2022 and the Form 10-Q for the quarter ending September 30, 2022 and (ii) unrealized mark-to-market holding losses on its investment in Albertsons. 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 (loss), funds from operations ("FFO") as per NAREIT and Before Special Items, net property operating income ("NOI") and same-property NOI.

Fourth Quarter and Recent Highlights

•
Fourth Quarter Earnings and Operating Results:
o
NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27
o
Generated increase in Core Portfolio same-property NOI of 5.7% during the fourth quarter and 6.3% increase for the full-year 2022, which exceeded the high-end of its 4.0% to 6.0% guidance
•
Core Portfolio Leasing:
o
Generated GAAP and cash leasing spreads of 10.2% and 4.7%, respectively, on renewal leases
o
Increased both leased and occupied rates to 94.9% and 92.7%, respectively, as of December 31, 2022 compared to leased and occupied rates of 94.3% and 91.2% as of September 30, 2022
•
Core Portfolio and Fund Transactional Activity:
o
Completed a disposition within its Core Portfolio of an Urban asset for $26.4 million, (generating a $7.4 million gain)
o
Post quarter end, completed a Fund V acquisition in suburban New York for $62.1 million
o
Completed a Fund IV disposition for $46 million, (generating a $13 million gain, of which $3 million was the Company's share)
•
Albertsons Special Dividend:
o
Albertsons Companies, Inc. ("Albertsons") paid its Special Dividend (as defined below) on January 20, 2023
o
Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share, which will be recognized in the first quarter of 2023

1

 

The following information was filed by Acadia Realty Trust (AKR) on Tuesday, February 21, 2023 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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Inside Acadia Realty Trust's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Credit Facility - Additional Information (Details)
Debt - Mortgage And Other Notes Payable - Additional Information (Details)
Debt - Scheduled Principal Repayments (Details)
Debt - Scheduled Principal Repayments - Additional Information (Details)
Debt - Summary Of Consolidated Indebtedness (Details)
Debt - Summary Of Consolidated Indebtedness (Parenthetical) (Details)
Debt - Unsecured Notes Payable - Additional Information (Details)
Debt - Unsecured Revolving Lines Of Credit - Additional Information (Details)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Tables)
Earnings (Loss) Per Common Share - Additional Information (Details)
Earnings (Loss) Per Common Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Federal Income Taxes
Federal Income Taxes (Tables)
Federal Income Taxes - Additional Information (Details)
Federal Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Federal Income Taxes - Schedule Of Reconciliation Of Net Income To Taxable Income (Loss) (Details)
Federal Income Taxes - Schedule Of Reconciliation Of Net Income To Taxable Income (Loss) (Parenthetical) (Details)
Federal Income Taxes - Schedule Of Tax Status Of Dividends (Details)
Federal Income Taxes - Schedule Of Tax Status Of Dividends (Parenthetical) (Details)
Federal Income Taxes - Schedule Of Trs Income (Loss) And Provision For Income Taxes (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 - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Derivative Financial Instruments (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Derivative Financial Instruments (Parenthetical) (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Items Measured At Fair Value On Nonrecurring Basis (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Other Financial Instruments Carrying Values And Fair Values (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Other Financial Instruments Carrying Values And Fair Values (Parenthetical) (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 - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Fund Investments - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Mervyns Ii - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Schedule Of Investments (Details)
Investments In And Advances To Unconsolidated Affiliates - Schedule Of Investments (Parenthetical) (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Balance Sheet (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Income Statement (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Income Statement (Paranthetical) (Details)
Lease Intangibles
Lease Intangibles (Tables)
Lease Intangibles - Additional Information (Details)
Lease Intangibles - Schedule Of Intangible Assets And Liabilities Included In Other Assets And Accounts Payable And Other Liabilities (Details)
Lease Intangibles - Scheduled Amortization Of Acquired Lease Intangible Assets And Assumed Liabilities (Details)
Leases
Leases (Tables)
Leases - Activity For Reserves Related To Billed Rents And Straight-Line Rents (Details)
Leases - Additional Information (Details)
Leases - Schedule Of Future Minimum Rental Revenues And Payments For Operating And Capital Leases (Details)
Leases - Schedule Of Future Minimum Rental Revenues And Payments For Operating And Capital Leases (Parenthetical) (Details)
Leases - Schedule Of Lease Cost (Details)
Notes Receivable, Net
Notes Receivable, Net (Tables)
Notes Receivable, Net - Additional Information (Details)
Notes Receivable, Net - Schedule Of Notes Receivable (Details)
Notes Receivable, Net - Schedule Of Notes Receivable (Parenthetical) (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 - Additional Information (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Operating Partnership's Equity Interest (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Operating Partnership's Equity Interest (Parenthetical) (Details)
Other Assets, Net And Accounts Payable And Other Liabilities
Other Assets, Net And Accounts Payable And Other Liabilities (Tables)
Other Assets, Net And Accounts Payable And Other Liabilities - Schedule Of Other Assets And Other Liabilities (Details)
Real Estate
Real Estate (Tables)
Real Estate - Acquisitions And Conversions - Additional Information (Details)
Real Estate - Real Estate Under Development And Construction In Progress - Additional Information (Details)
Real Estate - Schedule Of Acquisitions And Conversions (Details)
Real Estate - Schedule Of Acquisitions And Conversions (Parenthetical) (Details)
Real Estate - Schedule Of Consolidated Real Estate (Details)
Real Estate - Schedule Of Development In Process Activities (Details)
Real Estate - Schedule Of Development In Process Activities (Parenthetical) (Details)
Real Estate - Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures (Details)
Real Estate - Schedule Of Property Dispositions (Details)
Real Estate - Schedule Of Property Dispositions (Details) (Parenthetical)
Real Estate - Schedule Of Purchase Price Allocations (Details)
Real Estate - Schedule Of Significant Assumptions Used In Calculating Fair Value Of The Asset Acquisitions (Details)
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)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Summary Of Segment Information (Details)
Segment Reporting - Summary Of Segment Information (Parenthetical) (Details)
Share Incentive And Other Compensation
Share Incentive And Other Compensation (Tables)
Share Incentive And Other Compensation - Additional Information (Details)
Share Incentive And Other Compensation - Employee 401 (K) Plan - Additional Information (Details)
Share Incentive And Other Compensation - Employee Share Purchase Plan And Deferred Share Plan - Additional Information (Details)
Share Incentive And Other Compensation - Schedule Of Unvested Shares And Ltip Units (Details)
Shareholders Equity, Noncontrolling Interests And Other Comprehensive Loss - Redeemable Noncontrolling Interest - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss (Tables)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Atm Program - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Common Shares And Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Preferred Op Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Schedule Of Distributions Declared And Paid (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Share Repurchases - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Activity In Accumulated Other Comprehensive Income (Loss) (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Parenthetical) (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Additional Information (Details)
Variable Interest Entities - Schedule Of Assets And Liabilities Included In Consolidated Balance Sheets (Details)
Variable Interest Entities - Schedule Of Assets And Liabilities Included In Consolidated Balance Sheets (Parenthetical) (Details)
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-005499
Submitted to the SEC: Wed Mar 01 2023 4:01:18 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Real Estate Investment Trusts

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