Last10K.com

Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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 2020 OPERATING RESULTS

RYE, NY (February 10, 2021

) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2020. All per share amounts are on a fully-diluted basis, where applicable.

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") that were each impacted due to the COVID-19 Pandemic.

Fourth Quarter and Recent Highlights

•

Core Portfolio Cash Collections: Cash collections in excess of 90%

 

o

Collected 91% of billed rents and recoveries for the fourth quarter 2020

 

o

Collected 91% of January 2021 billed rents and recoveries

•

Core Portfolio Opening Status: Stable tenant openings

 

o

Approximately 88% and 90% of Core Portfolio’s tenants were open for business at December 31, 2020 based on pro-rata gross annualized base rents (“ABR”) and gross leasable area (“GLA”), respectively

 

o

Approximately 89% and 92% of Core Portfolio’s tenants were open for business at January 31, 2021 based on pro-rata gross ABR and GLA, respectively

•

Core Portfolio Leasing Progress: Strengthening Core leasing pipeline

 

o

Core leasing pipeline in excess of $8.0 million, with approximately 40% executed to date

 

o

Majority of pipeline resides within its Street/Urban portfolio, including New York City (Soho) and Chicago, IL

 

o

GAAP and cash leasing spreads of 13.9% and 5.8%, respectively, on comparable new and renewal leases executed during the fourth quarter 2020

•

Earnings: Fourth quarter results

 

o

GAAP loss per share of $0.12, NAREIT FFO per share of $0.29 and FFO before Special Items per share of $0.24

•

Core Portfolio Operating Results: Improved same-property NOI as compared to third quarter

 

o

Decrease in same-property NOI of 14.2% for the fourth quarter 2020 (as compared to a decline of 21.4% for the third quarter 2020) due to improving credit reserves

•

Fund Update:

 

o

Fund V has 40% of remaining capital commitments (approximately $600.0 million on a leveraged basis)

•

Investment Activity: Subsequent to year-end, disposition activity within the Core and Fund portfolios

1

 

The following information was filed by Acadia Realty Trust (AKR) on Wednesday, February 17, 2021 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.

View differences made from one year to another to evaluate Acadia Realty Trust's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acadia Realty Trust.

Continue

Assess how Acadia Realty Trust's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Acadia Realty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Legal
Other
Filter Subcategory:
All
Debt
Shares
Cash Flow
Product
Expense
Income
Geography
Earnings
Dividend
Other
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 Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Operations
(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)
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 - Reconciliation Of Net Income To Taxable Income (Parenthetical) (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 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 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 Earnings Impact (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Operating Partnership's Equity Interest (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Rent Collections (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Tenant Operating Status (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)
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 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)
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-007196
Submitted to the SEC: Mon Feb 22 2021 5:13:37 PM EST
Accepted by the SEC: Mon Feb 22 2021
Period: Thursday, December 31, 2020
Industry: Real Estate Investment Trusts

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/akr/0001564590-21-007196.htm