Exhibit 99.1

 

Sunny Holcomb

(914) 288-8100

 

ACADIA REALTY TRUST REPORTS SECOND QUARTER 2020 OPERATING RESULTS

RYE, NY (August 5, 2020) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 2020. 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 retail assets in the nation’s most dynamic 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") as per NAREIT and before Special Items (discussed below), and net property operating income ("NOI") which were impacted due to the COVID-19 Pandemic.

Highlights

Second Quarter Earnings: Quarterly earnings reflecting gains from the monetization of Albertsons Companies Inc. (“Albertsons”) offset by credit reserves resulting from the COVID-19 Pandemic:

 

o

GAAP income per share of $0.22

 

o

NAREIT FFO per share of $0.49 and FFO before Special Items per share of $0.29, which excludes the unrealized gain on Albertsons (as discussed below)

 

o

COVID-19 Impact on Operations: Second quarter per share GAAP income, NAREIT FFO and FFO before Special Items were adversely impacted by approximately $0.10 of credit loss, straight-line rent reserves and tenant abatements associated with the COVID-19 Pandemic. Please refer to the table under “Operations Update” for further detail

Core Portfolio Operating Results: Decrease in same-property NOI of -18.7% for the second quarter predominantly due to credit reserves on billed Core rents and recoveries resulting from the COVID-19 Pandemic along with the short-term delays of rent commencement on executed new leases

Core Cash Collections Update: Second quarter and July 2020 cash collections of 71% and 74%, respectively, of billed Core rents and recoveries

Core Opening Status: At June 30, 2020, approximately 74% and 86% of its Core portfolio’s pro-rata gross annualized base rents (“ABR”) and gross leasable area (“GLA”), respectively were open for business. Continuing improvement through July 31, 2020, with approximately 82% and 88% of its pro-rata ABR and GLA, respectively were open for business. Please refer to the table under “Operations Update” for further details

Leasing Progress: Executed 25 new and renewal leases in the Core and Fund portfolios during the second quarter

Core Leasing Pipeline: Strong new lease pipeline (at lease or under LOI) of approximately $6.5 million of its Core portfolio’s pro-rata ABR, at rents that were largely in line with pre-COVID expectations

Albertsons Monetization: The RCP Venture (on behalf of Fund II) monetized approximately $23.2 million of its interest in Albertsons and also recognized an unrealized gain of approximately $64.9 million on its retained shares during the second quarter, of which the Company’s proportionate share is 28.3%

Financing and Liquidity:

Core Portfolio

1

 


The following information was filed by Acadia Realty Trust (AKR) on Monday, August 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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