Acadia Realty Trust (AKR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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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

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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

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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  

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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%

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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