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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Acadia Realty Trust | NYSE:AKR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.36 | 0 | 09:05:10 |
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2024. For the quarter ended March 31, 2024, net earnings per share was $0.03. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with a fund business ("Funds") that targets opportunistic and value-add investments.
Kenneth F. Bernstein, President and CEO of Acadia Realty Trust, commented:
“Once again, we delivered same-property NOI growth in excess of 5% which we have achieved for the past twelve quarters. With the ongoing rebound playing out in the nation's must-have street retail corridors, we are well poised for above trend multi-year internal growth. Additionally, we are in active discussions on several exciting and actionable investment opportunities. Through the equity raise completed during the quarter along with the extension and expansion of our corporate facility, our balance sheet positions us well to go on offense."
FIRST QUARTER AND RECENT HIGHLIGHTS
FINANCIAL RESULTS
A complete reconciliation, in dollars and per share amounts, of (i) net income attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis.
Net Income
NAREIT FFO
FFO Before Special Items
Amounts reflected in the above Net Income, NAREIT FFO and FFO Before Special Items include $0.11 per share for the quarter ended March 31, 2023 from the receipt of Acadia's share of the Albertsons Special Dividend and $0.03 per share for the quarter ended March 31, 2024 from a previously anticipated payment related to a terminated disposition.
CORE PORTFOLIO PERFORMANCE
Same-Property NOI
Leasing and Occupancy Update
BALANCE SHEET
TRANSACTIONAL ACTIVITY
The above-mentioned property transactions are subject to customary closing conditions and market uncertainty. No assurance can be given that the Company will successfully close on any of these transactions.
CONFERENCE CALL
Management will conduct a conference call on Tuesday, April 30, 2024 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below.
Live Conference Call:
Date:
Tuesday, April 30, 2024
Time:
11:00 AM ET
Participant call:
First Quarter 2024 Dial-In
Participant webcast:
First Quarter 2024 Webcast
Webcast Listen-only and Replay:
www.acadiarealty.com/investors under Investors, Presentations & Events
The Company uses, and intends to use, the Investors page of its website, which can be found at https://www.acadiarealty.com/investors, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with a fund business ("Funds") that targets opportunistic and value-add investments. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.
Safe Harbor Statement
Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical conditions and instability, which may lead to a disruption of or lack of access to the capital markets, disruptions and instability in the banking and financial services industries and rising inflation; (ii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (iv) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (vii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company’s potential liability for environmental matters; (x) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis, such as the COVID-19 Pandemic, which adversely affected the Company and its tenants’ business, financial condition, results of operations and liquidity; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts.
The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company’s expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Statements of Operations (1)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
Three Months Ended March 31,
2024
2023
Revenues
Rental income
$
86,037
$
80,737
Other
5,319
1,102
Total revenues
91,356
81,839
Expenses
Depreciation and amortization
34,940
33,173
General and administrative
9,768
9,946
Real estate taxes
12,346
11,479
Property operating
19,096
15,133
Total expenses
76,150
69,731
Loss related to a previously disposed property
(1,198
)
—
Operating income
14,008
12,108
Equity in (losses) earnings of unconsolidated affiliates
(312
)
29
Interest income
5,238
4,818
Realized and unrealized holding (losses) gains on investments and other
(2,051
)
26,757
Interest expense
(23,709
)
(21,587
)
(Loss) income from continuing operations before income taxes
(6,826
)
22,125
Income tax provision
(31
)
(123
)
Net (loss) income
(6,857
)
22,002
Net loss attributable to redeemable noncontrolling interests
2,554
2,075
Net loss (income) attributable to noncontrolling interests
7,572
(10,717
)
Net income attributable to Acadia shareholders
$
3,269
$
13,360
Less: net income attributable to participating securities
(288
)
(243
)
Net income attributable to Common Shareholders - basic earnings per share
$
2,981
$
13,117
Income from continuing operations net of income attributable to participating securities for diluted earnings per share
$
2,981
$
13,117
Weighted average shares for basic earnings per share
102,128
95,189
Weighted average shares for diluted earnings per share
102,128
95,189
Net earnings per share - basic (2)
$
0.03
$
0.14
Net earnings per share - diluted (2)
$
0.03
$
0.14
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Funds from Operations (1,3)
(Unaudited, Dollars and Common Shares and Units in thousands, except per share amounts)
Three Months Ended March 31,
2024
2023
Net income attributable to Acadia
$
3,269
$
13,360
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)
27,087
26,444
Loss on disposition of properties (net of noncontrolling interests' share)
275
—
Income attributable to Common OP Unit holders
203
794
Distributions - Preferred OP Units
123
123
Funds from operations attributable to Common Shareholders and Common OP Unit holders - Diluted
$
30,957
$
40,721
Adjustments for Special Items:
Unrealized holding loss (gain) (net of noncontrolling interest share) (4)
2,015
(66
)
Realized gain
3,994
—
Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders
$
36,966
$
40,655
Funds From Operations per Share - Diluted
Basic weighted-average shares outstanding, GAAP earnings
102,128
95,189
Weighted-average OP Units outstanding
7,717
6,885
Assumed conversion of Preferred OP Units to common shares
464
464
Assumed conversion of LTIP units and restricted share units to common shares
742
1
Weighted average number of Common Shares and Common OP Units
111,051
102,539
Diluted Funds from operations, per Common Share and Common OP Unit
$
0.28
$
0.40
Diluted Funds from operations before Special Items, per Common Share and Common OP Unit
$
0.33
$
0.40
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (1)
(Unaudited, Dollars in thousands)
Three Months Ended March 31,
2024
2023
Consolidated operating income
$
14,008
$
12,108
Add back:
General and administrative
9,768
9,946
Depreciation and amortization
34,940
33,173
Loss on disposition of properties
1,198
—
Less:
Above/below market rent, straight-line rent and other adjustments
(4,608
)
(2,242
)
Consolidated NOI
55,306
52,985
Redeemable noncontrolling interest in consolidated NOI
(204
)
(1,217
)
Noncontrolling interest in consolidated NOI
(17,768
)
(14,475
)
Less: Operating Partnership's interest in Fund NOI included above
(5,341
)
(5,037
)
Add: Operating Partnership's share of unconsolidated joint ventures NOI (5)
3,961
3,959
Core Portfolio NOI
$
35,954
$
36,215
Reconciliation of Same-Property NOI
(Unaudited, Dollars in thousands)
Three Months Ended March 31,
2024
2023
Core Portfolio NOI
$
35,954
$
36,215
Less properties excluded from Same-Property NOI
(3,926
)
(5,900
)
Same-Property NOI
$
32,028
$
30,315
Percent change from prior year period
5.7
%
Components of Same-Property NOI:
Same-Property Revenues
$
46,143
$
43,782
Same-Property Operating Expenses
(14,115
)
(13,467
)
Same-Property NOI
$
32,028
$
30,315
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Balance Sheets (1)
(Unaudited, Dollars in thousands, except shares)
As of
March 31, 2024
December 31, 2023
ASSETS
Investments in real estate, at cost
Land
$
871,084
$
872,228
Buildings and improvements
3,137,273
3,128,650
Tenant improvements
264,548
257,955
Construction in progress
22,884
23,250
Right-of-use assets - finance leases
58,637
58,637
4,354,426
4,340,720
Less: Accumulated depreciation and amortization
(854,731
)
(823,439
)
Operating real estate, net
3,499,695
3,517,281
Real estate under development
96,594
94,799
Net investments in real estate
3,596,289
3,612,080
Notes receivable, net ($1,416 and $1,279 of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively)
118,877
124,949
Investments in and advances to unconsolidated affiliates
198,702
197,240
Other assets, net
212,699
208,460
Right-of-use assets - operating leases, net
28,348
29,286
Cash and cash equivalents
18,795
17,481
Restricted cash
8,119
7,813
Marketable securities
27,274
33,284
Rents receivable, net
51,532
49,504
Assets of properties held for sale
11,147
11,057
Total assets
$
4,271,782
$
4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage and other notes payable, net
$
962,468
$
930,127
Unsecured notes payable, net
646,524
726,727
Unsecured line of credit
114,687
213,287
Accounts payable and other liabilities
218,116
229,375
Lease liability - operating leases
30,620
31,580
Dividends and distributions payable
19,978
18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates
7,858
7,982
Total liabilities
2,000,251
2,157,598
Commitments and contingencies
Redeemable noncontrolling interests
45,462
50,339
Equity:
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 103,155,933 and 95,361,676 shares, respectively
103
95
Additional paid-in capital
2,078,295
1,953,521
Accumulated other comprehensive income
46,942
32,442
Distributions in excess of accumulated earnings
(364,440
)
(349,141
)
Total Acadia shareholders’ equity
1,760,900
1,636,917
Noncontrolling interests
465,169
446,300
Total equity
2,226,069
2,083,217
Total liabilities, redeemable noncontrolling interests, and equity
$
4,271,782
$
4,291,154
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
4. The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of our underwriting and investing business. 5. The pro-rata share of NOI is based upon the Operating Partnership’s stated ownership percentages in each venture or Fund’s operating agreement and does not include the Operating Partnership's share of NOI from unconsolidated partnerships and joint ventures within the Funds.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429672372/en/
Jennifer Han (914) 288-8100
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