Acadia Realty Trust (AKR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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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:

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GAAP income per share of $0.22

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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)

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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

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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

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

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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

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

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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

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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%

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Financing and Liquidity: