Douglas Cliff Acadia Realty Trust (NYSE:AKR), founded in 1993 and headquartered in Rye, NY, is a REIT that owns, develops, acquires, and manages retail properties in metropolitan and suburban markets across the country. This may be a conservatively leveraged company with adequate liquidity, but I don't believe a purchase would be justified right now. Aside from the fact that its operating performance hasn't been great in the past, the dividend doesn't seem safe and there is no margin of safety present from ...

Acadia Realty Trust (AKR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings ...

Core Viewpoint - Acadia Realty Trust has announced the federal tax treatment for its 2023 distributions to common shareholders, detailing the nature of the distributions and their tax implications [1][2]. Distribution Summary - The company has outlined the record and payment dates for its distributions, which are consistently set at $0.180000 per share for each quarter in 2023 [2]. - The total income per share for the distributions is $0.720000 for the year, with ordinary dividends eligible for a 20% deduction under Internal Revenue Code Section 199A [2]. Tax Treatment Details - The fourth quarter 2022 distribution was treated as paid in 2023 for tax purposes, while the fourth quarter 2023 distribution will be treated as paid in 2024 [2]. - Shareholders are advised to consult their tax advisors regarding the specific tax treatment of Acadia's distributions [2]. Company Overview - Acadia Realty Trust is an equity real estate investment trust focused on long-term growth through a dual operating platform and a disciplined investment strategy [3]. - The company aims to build a high-quality core real estate portfolio and make profitable investments through discretionary institutional funds while maintaining a strong balance sheet [3].

Core Insights - Acadia Realty Trust will release its fourth quarter 2023 earnings on February 13, 2024, after market close, followed by a conference call on February 14, 2024, at 11:00 AM ET to discuss the results [1] Company Overview - Acadia Realty Trust is an equity real estate investment trust (REIT) focused on long-term profitable growth through its Core Portfolio and Fund operating platforms, employing a disciplined, location-driven investment strategy [2] - The company aims to build a best-in-class core real estate portfolio with significant asset concentrations in dynamic corridors, while also making profitable opportunistic and value-add investments through discretionary institutional funds [2] - Acadia maintains a strong balance sheet to support its growth objectives [2] Investor Communication - The company utilizes its Investors page on its website to disclose material nonpublic information and comply with Regulation FD, including posting investor presentations and portfolio updates [3]

Core Viewpoint - Acadia Realty Trust announced the pricing of an underwritten offering of 6,900,000 common shares at a price of $16.75 per share, with the offering expected to close on January 11, 2024, subject to customary closing conditions [1]. Summary by Sections Offering Details - The offering includes an underwriters' option to purchase an additional 900,000 shares [1]. - The net proceeds from the offering will be used for general corporate purposes, which may include funding future acquisitions, repaying outstanding indebtedness, and working capital [1]. Underwriters - J.P. Morgan and BofA Securities are serving as the underwriters for the offering [1]. Company Overview - Acadia Realty Trust is an equity real estate investment trust (REIT) focused on long-term profitable growth through its Core Portfolio and Fund operating platforms [4]. - The company aims to build a best-in-class core real estate portfolio and make profitable opportunistic and value-add investments through discretionary institutional funds while maintaining a strong balance sheet [4].

Financial Data and Key Metrics Changes - The company reported FFO of $0.27 per share for Q3 2023, with a year-over-year earnings growth of about 6% expected for the full year [32] - Same-store NOI growth was 5.8% for the quarter and 5.9% for the nine months, remaining on track to meet the upper end of the initial guidance of 5% to 6% for 2023 [33] Business Line Data and Key Metrics Changes - The leasing team signed over $8 million of new leases in the first nine months of 2023, expecting a total of $10 million to $11 million of ABR from new deals, representing a 20% increase over 2022 [21] - Significant cash spreads were achieved in New York City, with leases signed in Soho showing cash spreads of 45% and 95% [22] Market Data and Key Metrics Changes - The suburban portfolio continues to see quality top-line growth, with healthy competition for junior boxes [26] - Downtown Brooklyn's City Point is experiencing significant momentum, averaging over 600,000 visitors a month, with traffic increasing 16% year-over-year [27] Company Strategy and Development Direction - The company aims to achieve core NOI growth of $30 to $40 million over the next several years, driven by strong demand from retailers and a landlord-friendly supply-demand dynamic [20] - The company is focused on maintaining a disciplined approach to asset recycling and reducing exposure to markets like Chicago when appropriate [44] Management's Comments on Operating Environment and Future Outlook - Management noted that while macroeconomic concerns exist, consumer resilience remains strong, and tenant demand is not yet showing signs of reduction [13] - The company is well-positioned with nearly $900 million of interest rate hedges, insulating its balance sheet from interest rate fluctuations [40] Other Important Information - The company has a signed but not yet open pipeline of $8.3 million of ABR, with expectations for approximately 15% to commence in Q4 2023 [39] - The balance sheet goals are on track, with a target to reduce core debt to EBITDA in the mid to low 6s within the next 18 months [41] Q&A Session Summary Question: Thoughts on balance sheet initiatives and potential asset recycling - Management indicated that reducing exposure to markets like Chicago is logical on a disciplined basis, while balance sheet initiatives will be pursued in an earnings-neutral manner [44][45] Question: Update on San Francisco neighborhood centers - Management provided an update on Whole Foods' progress in City Center, noting increased community support for their opening [47] Question: Steps required for City Point to be part of the same-store pool - Management clarified that stabilization of the asset is key before it can be included in the same-store metrics [50] Question: Recurring quarterly FFO run rate expectations - Management suggested that the run rate of $0.30 to $0.34 is expected to be stable throughout the year, with no significant fluctuations anticipated [52] Question: Percentage of signed but not occupied leases that are high-value street rents - Management estimated that over 75% of the $8.3 million signed but not occupied leases are high-value street rents [57]

Financial Performance - Total revenues for the three months ended September 30, 2023, were $81.392 million, a 1.8% increase from $79.946 million in the same period of 2022[19] - Rental income for the nine months ended September 30, 2023, was $248.839 million, compared to $238.479 million for the same period in 2022, reflecting a 4.4% increase[19] - Operating income for the three months ended September 30, 2023, was $6.691 million, compared to a loss of $13.953 million in the same period of 2022[19] - Net loss attributable to Acadia shareholders for the three months ended September 30, 2023, was $1.426 million, a significant improvement from a loss of $55.891 million in the same period of 2022[19] - Net loss for the three months ended September 30, 2023, was $16,268 thousand, compared to a loss of $89,545 thousand in the same period of 2022[21] - Comprehensive income attributable to Acadia shareholders for the three months ended September 30, 2023, was $14,279 thousand, an improvement from a loss of $17,447 thousand in the prior year[21] - Comprehensive income (loss) for the nine months ended September 30, 2023, was $29,227 thousand, compared to $46,404 thousand in the same period of 2022[21] - Net income for the nine months ended September 30, 2023, was $8.486 million, a significant improvement from a net loss of $61.273 million in the same period of 2022[24] - Total revenues for the nine months ended September 30, 2023, increased to $253.179 million, up from $245.712 million for the same period in 2022, representing a growth of 3.0%[140] - Net income attributable to Acadia for the nine months ended September 30, 2023, was $21.210 million, compared to a net loss of $39.427 million for the same period in 2022, indicating a significant turnaround[140] Assets and Liabilities - Total assets as of September 30, 2023, were $4.280 billion, slightly down from $4.303 billion as of December 31, 2022[17] - Total liabilities as of September 30, 2023, were $2.101 billion, an increase from $2.054 billion as of December 31, 2022[17] - Total equity for Acadia shareholders increased to $1,685,228 thousand as of September 30, 2023, from $1,692,612 thousand a year earlier[22] - Total equity as of September 30, 2023, was $2.124 billion, up from $2.181 billion at the beginning of the year, indicating a slight decrease[23] - Total assets of unconsolidated affiliates increased to $853.9 million as of September 30, 2023, from $795.4 million as of December 31, 2022, representing a growth of 7.3%[66] - The company's share of accumulated equity in unconsolidated affiliates decreased to $115.4 million as of September 30, 2023, from $131.9 million as of December 31, 2022[66] Cash Flow and Investments - Cash and cash equivalents increased to $19.312 million as of September 30, 2023, from $17.158 million as of December 31, 2022[17] - Total cash provided by operating activities increased to $115.167 million in 2023, compared to $100.478 million in 2022, reflecting a growth of approximately 14.7%[24] - Cash used in investing activities was $90.071 million in 2023, compared to $144.949 million in 2022, showing a decrease of approximately 37.9%[24] - Proceeds from unsecured debt in 2023 were $158.889 million, a decrease from $823.262 million in 2022, reflecting a shift in financing strategy[24] - The Company acquired a retail property in Tampa, FL, for $49.374 million on July 3, 2023, as part of its Fund V 2023 Acquisition[45] - The total cash distributions declared for the periods ending October 13, 2023, and October 14, 2022, were $18.372 million and $18.244 million, respectively, showing a slight increase of 0.7%[27] Debt and Financing - Total debt as of September 30, 2023, is $1,832.3 million, an increase from $1,805.4 million as of December 31, 2022, reflecting a growth of approximately 1.5%[72] - The Company has a total of $961.6 million in mortgages payable, up from $928.6 million in the previous year, indicating a year-over-year increase of about 3.5%[72] - The Company has a $700.0 million senior unsecured credit facility, with a current interest rate of SOFR + 1.50% for the Revolver and SOFR + 1.65% for the Term Loan[75] - The outstanding balance of the Term Loan was $400.0 million as of September 30, 2023, unchanged from the previous year[86] - The Company has entered into various swap agreements to fix interest costs on a portion of its Revolver and term loans[78] Operational Highlights - The company has three reportable segments: Core Portfolio, Funds, and Structured Financing, focusing on high-quality retail properties and co-investments with institutional investors[135] - The Company has ownership interests in 149 properties within its core portfolio, which are primarily located in densely populated metropolitan areas in the U.S.[30] - The Company has transitioned all variable rate loans to SOFR or another applicable benchmark index, aligning with recent accounting standards updates[42] - The Company has identified eight consolidated Variable Interest Entities (VIEs) as of September 30, 2023, with total VIE assets of $1,902.6 million[164] Shareholder Information - Dividends/distributions declared were $0.18 per Common Share/OP Unit, totaling $17,156 thousand for the three months ended September 30, 2023[22] - The Company declared distributions of $0.54 per Common OP Unit, totaling $4.0 million for the nine months ended September 30, 2023[117] - The share repurchase program has $122.5 million remaining available as of September 30, 2023, with no shares repurchased during the nine months ended September 30, 2023[112] Economic and Market Conditions - The company anticipates continued challenges due to macroeconomic conditions, including rising inflation and changes in interest rates, which may impact future performance[13] - The Company is facing risks related to macroeconomic conditions, including rising inflation and changes in interest rates, which could impact financial performance[13]

Acadia Realty Trust (NYSE:AKR) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Mackenzie Teper - IR Kenneth Bernstein - President and CEO Stuart Seeley - Senior Managing Director of Strategy and Public Markets John Gottfried - EVP and CFO Conference Call Participants Floris van Dijkum - Compass Point LLC Ki Bin Kim - Truist Todd Thomas - KeyBanc Capital Markets Lizzy Doykan - Bank of America Securities Craig Mailman - Citi Michael Mueller - JPMorgan Paulina Rojas-Schmidt - G ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12002 ACADIA REALTY TRUST (Exact name of registrant in its charter) MARYLAND (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

Financial Data and Key Metrics Changes - The first quarter results showed a same-property NOI growth of 7%, exceeding expectations, and earnings were also above forecast [6][26] - FFO per share was reported at $0.40, with a full-year guidance increase to $1.19 to $1.26 from $1.17 to $1.20 [26][27] - Total NOI growth was approximately 6.5%, increasing to about $36.2 million in Q1 2023 compared to $34 million in Q1 2022 [32] Business Line Data and Key Metrics Changes - The Street portfolio, which comprises about half of the overall portfolio value, achieved an 8% same-store growth during the quarter, outperforming the initial projection of 6% to 7% [31] - The suburban portfolio maintained a stable occupancy rate of 94.5%, with average rents around $1,750 per square foot [20] Market Data and Key Metrics Changes - The recovery in key urban corridors is significant, with net effective market rents growing over 15% on average in specific areas like Soho, Williamsburg, and Melrose Place [10] - The company noted that tenant demand is outstripping supply, particularly in high-quality spaces, leading to a strong leasing pipeline [7][15] Company Strategy and Development Direction - The company aims for a multiyear internal growth goal of 5% to 10% annually, with a focus on high-quality, high-barrier-to-entry markets [6][21] - The strategy includes opportunistic asset sales and acquisitions, particularly in light of current market volatility [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism despite macroeconomic uncertainties, indicating that leasing fundamentals remain strong [17][27] - The company anticipates that leasing progress will compensate for any potential economic slowdown, projecting a net positive growth trajectory [7][17] Other Important Information - The company has successfully re-leased spaces previously occupied by Bed Bath & Beyond, with new tenants like Dick's Sporting Goods taking over [12][35] - The company has no significant core maturities over the next several years and can fund internal growth through cash flow generated from operations [38] Q&A Session Summary Question: Impact of Street portfolio occupancy on earnings - Management indicated that achieving 95% occupancy in the Street portfolio could contribute significantly to earnings growth, estimating over $30 million in total for the entire portfolio [41][42] Question: Opportunities in the market - Management discussed potential opportunities arising from regional bank issues and the fragmented ownership of street retail, suggesting a focus on both core and fund investments [45][46] Question: North Michigan Avenue mortgage maturity - Management confirmed that they have time to address the mortgage maturity and maintain a good relationship with the lender [50][51] Question: Chicago urban street retail forecast - Management expressed a balanced approach to Chicago exposure, acknowledging its challenges but also its potential [52][53] Question: Leasing activity in lagging submarkets - Management noted that some submarkets are beginning to show improvement, with new leases being signed and increased retailer interest [56][58]