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

Acadia Realty Trust

CIK: 899629 Ticker: AKR

 

 

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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Inside Acadia Realty Trust's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income
(Loss) Earnings Per Common Share
(Loss) Earnings Per Common Share (Tables)
(Loss) Earnings Per Common Share - Additional Information (Details)
(Loss) Earnings Per Common Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
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 - Scheduled Principal Repayments - Additional Information (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)
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 Items Measured At Fair Value On Nonrecurring Basis (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 - Mervyns I &Amp; Ii - 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 Accounts Payable And Other Liabilities (Details)
Lease Intangibles - Scheduled Amortization Of Acquired Lease Intangible Assets And Assumed Liabilities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Assets And Liabilities In Connection With Acquisitions Of Leasehold Interests (Details)
Leases - Schedule Of Earnings Impact (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)
Leases - Schedule Of Rent Collections (Details)
Leases - Schedule Of Tenant Operating Status (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 Development In Process Activities (Details)
Real Estate - Schedule Of Development In Process Activities (Parenthetical) (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)
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 Loss
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss (Tables)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Atm Program - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Common Shares And Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Dividends And Distributions - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Preferred Op Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Schedule Of Distributions Declared And Paid (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Share Repurchases - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Activity In Accumulated Other Comprehensive Loss (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Parenthetical) (Details)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Additional Information (Details)
Subsequent Events - Schedule Of Tenant Operating Status (Details)
Subsequent Events -Schedule Of Rent Collections (Details)

Material Contracts, Statements, Certifications & more

Acadia Realty Trust provided additional information to their SEC Filing as exhibits

Ticker: AKR
CIK: 899629
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-051599
Submitted to the SEC: Thu Nov 05 2020 8:35:01 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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