Exhibit 99.1

 

Sunny Holcomb

(914) 288-3372

 

ACADIA REALTY TRUST REPORTS SECOND QUARTER 2019 OPERATING RESULTS

RYE, NY (July 22, 2019) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 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 $0.11 and FFO per share of $0.36 for the second quarter

Core Portfolio Operating Results:

 

Driven by the strength of its street and urban portfolio, the Company generated higher than expected same-property net operating income growth of 4.8% for the second quarter (excluding redevelopments)

 

Continued leasing progress across the portfolio including the execution of several key street leases in Chicago and New York City

 

Reported 94.6% leased occupancy as of June 30, 2019

Core Acquisition Activity: During the second quarter, the Company entered into an additional agreement to acquire a property in Soho for $24.8 million. To date, the Company has acquired, or entered into contracts to acquire $121.6 million in properties located in Soho

Fund Acquisition Activity: During the second quarter, the Company completed $129.2 million of Fund V investments and $177.8 million year to date. Additionally, Fund V has in excess of $100.0 million of investments under contract and agreements in principle  

Balance Sheet: Maintained conservative leverage levels by match-funding its acquisitions and pre-funding its acquisitions under contract; raising proceeds through June 30, 2019 of $75.1 million at an average gross issuance price per share of $28.58 through the Company’s at-the-market (“ATM”) program. At June 30, 2019, substantially all of Core debt was fixed at an average rate of 3.7%

Guidance Update: The Company raised its full-year 2019 guidance ranges as follows: same-property net operating income growth 3.5% to 4.5%, earnings per share $0.39 to $0.46 and FFO per share $1.38 to $1.44 up from the previous ranges of 3.0% to 4.0%, $0.35 to $0.46 and $1.34 to $1.46, respectively, to reflect the accretive impact of external growth and the continued strength in its Core Portfolio

“We had another strong and active quarter, with second-quarter operating results exceeding our expectations. We have completed approximately $300.0 million of external growth activity to date with a strong pipeline in excess of $100.0 million,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “The separation of the haves and the have-nots amongst retailers continues to widen. Given Acadia’s unique portfolio of street and urban assets in key gateway markets, we continue to attract both established retailers as well as new and emerging retail brands, reaffirming the power of brick-and-mortar in must have locations.”


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