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Acadia Realty Trust (AKR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Acadia Realty Trust

CIK: 899629 Ticker: AKR

 

Exhibit 99.1

ACADIA REALTY TRUST REPORTS FIRST QUARTER 2019 OPERATING RESULTS

RYE, NY (April 24, 2019) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2019. 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”), through which the Company 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 $0.15 and FFO per share of $0.39 for the first quarter

Core Portfolio Operating Results:

 

Strong same-property net operating income growth of 4.6% for the first quarter (excluding redevelopments)

 

Continued leasing progress across the portfolio including the execution of several key street leases at Lincoln Park Chicago along with Madison Avenue in New York City

 

Strong rent spreads of 26.9% and 8.3% on new leases for the quarter on a GAAP and cash basis, respectively

 

Reported 94.6% leased occupancy as of March 31, 2019

Core Acquisition Activity: During the first quarter, acquired, or entered into contracts to acquire a retail portfolio in Soho NYC for $96 million, of which $32 million has closed as of March 31, 2019

Fund Acquisition Activity: Fund V completed a $48.5 million acquisition during the first quarter

Balance Sheet: Maintained conservative leverage levels by match-funding closed acquisitions; raising gross proceeds during the first quarter of $28.2 million at an average price per share of approximately $29 through the Company’s at-the-market (“ATM”) program. At March 31, 2019, approximately 96% of Core debt was fixed at an average rate of 3.8% with a weighted-average maturity of 5.6 years

“I am pleased to report that 2019 is off to a strong start. This quarter our Core Portfolio has again delivered strong growth,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Importantly, we are selectively adding high-quality street retail properties to our Core Portfolio. We are also seeing an increase in compelling investment opportunities in our fund business. Thus, by maintaining a healthy balance sheet, with plenty of dry powder, along with strong internal growth over the next several years, we are well positioned to create meaningful value for the benefit of all of our stakeholders.”

FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of net income attributable to common shareholders to FFO attributable to common shareholders is included in the financial tables of this release.

Net Income

Net income attributable to common shareholders for the quarter ended March 31, 2019 was $12.2 million, or $0.15 per share, including $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture. Net income attributable to common shareholders for the quarter ended March 31, 2018 was $7.4 million, or $0.09 per share.


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The following information was filed by Acadia Realty Trust (AKR) on Thursday, April 25, 2019 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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Inside Acadia Realty Trust's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Credit Facility - Additional Information (Details)
Debt - Mortgage Payable - Additional Information (Details)
Debt - Scheduled Principal Repayments (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 Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Earnings Per Common Share - Additional Information (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 - Financial Statements Of Income (Losses) Recognized Related To Cash Flow Hedges (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 Other Financial Instruments Carrying Values And Fair Values (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 - 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)
Lease Intangibles
Lease Intangibles (Tables)
Lease Intangibles - Additional Information (Details)
Lease Intangibles - Schedule Of Intangible Assets And Liabilities Included In Other Assets And Other Liabilities (Details)
Lease Intangibles - Scheduled Amortization Of Acquired Lease Intangible Assets And Assumed Liabilities (Details)
Leases
Leases (Tables)
Leases - Operating Leases - Additional Information (Details)
Leases - Schedule Of Future Minimum Rental Revenues And Payments For Operating And Capital Leases (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)
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)
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 Development In Process Activities (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 Purchase Price Allocations (Details)
Real Estate - Schedule Of Real Estate (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Summary Of Segment Information (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 Income
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income (Tables)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Atm Program - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Common Shares And Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Dividends And Distributions - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Preferred Op Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Share Repurchases - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Summary Of Activity In Accumulated Other Comprehensive Income (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Summary Of Change In Noncontrolling Interest (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Summary Of Change In Noncontrolling Interest (Parenthetical) (Details)
Ticker: AKR
CIK: 899629
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-013113
Submitted to the SEC: Thu Apr 25 2019 1:32:08 PM EST
Accepted by the SEC: Thu Apr 25 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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