Exhibit 99.1

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS THIRD QUARTER 2019 OPERATING RESULTS

RYE, NY (October 23, 2019

) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 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 $0.12 and FFO per share of $0.34 for the third quarter

Core Portfolio Operating Results:

 

In line with expectations, the Company generated same-property net operating income growth of 3.1% for the third quarter and 4.1% year to date (excluding redevelopments), driven by its street and urban portfolio

 

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

 

Reported 94.9% leased occupancy as of September 30, 2019

Core Acquisition Activity: During the third quarter, the Company continued to execute its strategy of building scale in its key street locations by completing core acquisitions of $32.9 million consisting of a previously announced property on Greene Street in Soho ($25.1 million) and adding two properties within its W Armitage Avenue corridor in Lincoln Park ($7.8 million). On Greene Street and W Armitage Avenue, the Company now owns three and seven contiguous buildings, respectively. To date, the Company has acquired, or entered into contracts or agreements in principle to acquire $180.3 million of core acquisitions

Fund Acquisition/Disposition Activity: During the third quarter, the Company completed $141.8 million of Fund V investments and $318.0 million year to date. During the third quarter, the Company completed $67.5 million of fund dispositions and $78.0 million year to date in addition to a $15.3 million monetization of a preferred equity investment

Balance Sheet: Maintained balance sheet metrics by match-funding and pre-funding its core acquisitions; raising proceeds of $61.6 million during the quarter and $137.8 million through September 30, 2019 at an average gross issuance price per share in excess of $28.60 through the Company’s at-the-market (“ATM”) program. At September 30, 2019, substantially all of Core Portfolio debt was fixed at an average rate of 3.8% with a debt to EBITDA ratio of 4.7x

Guidance Update: The Company tightened its annual 2019 earnings per share and FFO guidance ranges: earnings per share $0.44 to $0.50 and FFO per share $1.40 to $1.42. The FFO guidance for the fourth quarter does not incorporate any significant transactional or other non-recurring items. The Company reaffirms its annual same property net operating income growth guidance of 3.5% to 4.5%

“We reported another strong quarter operationally along with robust investment activity. We have completed approximately $400.0 million of core and fund acquisitions to date with a strong pipeline,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We continue to see solid leasing trends with respect to our existing portfolio.


The following information was filed by Acadia Realty Trust (AKR) on Friday, October 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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