Exhibit 99.1

ACADIA REALTY TRUST REPORTS THIRD QUARTER 2018 OPERATING RESULTS

RYE, NY (October 24, 2018

) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2018. 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 net income, funds from operations ("FFO") and net operating income ("NOI").

Highlights

Earnings: Generated GAAP earnings per share of $0.11 for the third quarter; FFO per share was $0.35 for the third quarter driven by the strength of its Core Portfolio

Core Portfolio Operating Results: Solid Core operating fundamentals

 

 

Strong same-property net operating income growth of 3.4% for the third quarter (excluding redevelopments) driven by profitable lease up in its street and urban portfolio

 

Achieved over 85% of its 2018 leasing goals

 

Rent growth of 8.0% and 15.5% on new and renewal leases for the quarter on a cash and GAAP basis, respectively

 

Reported 95.5% leased occupancy as of September 30, 2018

Fund Acquisition Activity: During July, Fund V completed a $59.3 million acquisition. Year-to-date Fund acquisition volume totals $104.6 million

Fund Disposition Activity: Completed $30.5 million of Fund dispositions during the third quarter. Year-to-date Fund disposition volume totals $64.5 million

Balance Sheet: The Company repurchased $55.1 million of its shares during the nine months ended September 30, 2018 at an average cost of approximately $24 per share on a leverage-neutral basis. No shares were issued or purchased during the third quarter

Guidance: Following the successful execution of its leasing efforts and the strength of its Core Portfolio performance to date, the Company expects same property net operating income growth of 3% to 5% for the fourth quarter and has updated its annual 2018 guidance of FFO per share to $1.36 to $1.40

“Our third-quarter operating results exceeded our expectations driven by strong leasing activity and the performance of our Core Portfolio,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “With respect to our Core Portfolio, our long-term growth plan remains on track, with continued progress during the third quarter on our two key redevelopments, Clark and Diversey in Chicago and City Center in San Francisco. In the fund platform, we remain active buyers and sellers and continue to execute on the strategic business plans for our existing investments. Most importantly, while we have and will continue to remain disciplined in our investment strategy, our significant dry powder, both on balance sheet and in our fund platform, keeps us well-positioned to capitalize on future compelling opportunities as they arise.”

1

 


The following information was filed by Acadia Realty Trust (AKR) on Friday, October 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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