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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Acadia Realty Trust

HISTORY TOOLS
CIK: 899629 Ticker: AKR

 

 

Exhibit 99.1

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2019 OPERATING RESULTS

RYE, NY (February 12, 2020

) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 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 property operating income ("NOI").

Fourth Quarter and Full Year 2019 Highlights

•

Earnings: In line with expectations, achieved GAAP earnings per share of $0.24 and FFO per share of $0.32 for the fourth quarter and $0.62 and $1.41 for the full year, respectively

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Core Portfolio Operating Results: Excluding redevelopments, generated same-property NOI growth of 3.9% for the full year and 3.1% for the fourth quarter, driven by the strength of its street and urban portfolio

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Investment Activity: During 2019 and year to date 2020, the Company completed in excess of $560.0 million of accretive external investments between its Core and Fund platforms as follows:

 

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Core Acquisition Activity: During 2019 and year to date 2020, the Company completed $190.6 million of core acquisitions including $92.7 million closed during the fourth quarter as it continued to execute on its strategy of building scale in Soho, New York and on West Armitage Avenue in Chicago along with its previously announced investment on Melrose Place in Los Angeles, California

 

o

Fund Acquisition Activity: During 2019 and year to date 2020, the Company completed $318.0 million of Fund V investments

 

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Core Structured Finance Activity: In January 2020, the Company completed a $54.0 million structured finance loan on a mixed-use redevelopment in Sunset Park Brooklyn, New York

•

Core and Fund Disposition Activity: During the fourth quarter, the Company completed a suburban disposition for $22.6 million. In addition, Funds III and IV completed $102.0 million of dispositions during 2019  

•

Balance Sheet: Maintained conservative leverage levels by match-funding its core acquisitions; raised gross proceeds of $147.7 million through the Company’s at-the-market (“ATM”) program. At December 31, 2019, substantially all of the Core Portfolio debt was fixed at an average rate of 3.7%

•

Guidance: The Company is setting its initial 2020 guidance ranges as follows: earnings per share of $0.25 to $0.39, FFO per share of $1.32 to $1.46 and same property NOI growth of 1.5% to 2.5%, excluding redevelopment

“Our solid fourth quarter and full year 2019 operating results reflect the continued strength of our Core Portfolio and the accretive impact of our recent investments. Notwithstanding the continually evolving landscape of retailing and retail real estate, we are seeing with increased clarity how a growing variety of retailers are successfully embracing the physical store in new and exciting ways. Acadia continues to own the right properties in the right markets to best capture the growth from these forward-thinking retailers,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty

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The following information was filed by Acadia Realty Trust (AKR) on Friday, February 14, 2020 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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Acadia Realty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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
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)
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 Income (Parenthetical)
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)
Federal Income Taxes
Federal Income Taxes (Tables)
Federal Income Taxes - Additional Information (Details)
Federal Income Taxes - Income And Provision For Income Taxes (Details)
Federal Income Taxes - Reconciliation Of Net Income To Taxable Income (Details)
Federal Income Taxes - Tax Reconciliation (Details)
Federal Income Taxes - Tax Status Of Dividends (Details)
Federal Income Taxes - Tax Status Of Dividends (Parenthetical) (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 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 Assets And Liabilities In Connection With Acquisitions Of Leasehold Interests (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)
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 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)
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 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 - Preferred Op Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Income - Schedule Of Dividends Declared And Paid (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)
Subsequent Events
Subsequent Events - Additional Information (Details)
Summary Of Quarterly Financial Information (Unaudited)
Summary Of Quarterly Financial Information (Unaudited) (Details)
Summary Of Quarterly Financial Information (Unaudited) (Parenthetical) (Details)
Summary Of Quarterly Financial Information (Unaudited) (Tables)
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-005641
Submitted to the SEC: Thu Feb 20 2020 9:53:21 PM EST
Accepted by the SEC: Fri Feb 21 2020
Period: Tuesday, December 31, 2019
Industry: Real Estate Investment Trusts

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