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Acadia Realty Trust(AKR) - 2024 Q3 - Quarterly Results
AKRAcadia Realty Trust(AKR)2024-10-28 12:53

Financial Performance - Total revenues for Q3 2024 were 87.745million,ayear−to−datetotalof87.745 million, a year-to-date total of 266.355 million[10] - Rental income for Q3 2024 was 86.288million,contributingtoayear−to−datetotalof86.288 million, contributing to a year-to-date total of 257.951 million[10] - Total revenues for the quarter reached 83,068,000,withyear−to−daterevenuesof83,068,000, with year-to-date revenues of 253,250,000[12] - Net operating income from properties was 56,709,000forthequarter,totaling56,709,000 for the quarter, totaling 170,638,000 year-to-date[12] - The company reported a net income attributable to Acadia shareholders of 8,414,000forthequarter,withayear−to−datenetincomeof8,414,000 for the quarter, with a year-to-date net income of 13,126,000[12] - Funds from Operations (FFO) for the quarter ended September 30, 2024, was 32,962,anincreaseof22.532,962, an increase of 22.5% compared to 26,845 for the same quarter in 2023[18] - Adjusted Funds from Operations (AFFO) for the quarter ended September 30, 2024, was 33,130,up60.133,130, up 60.1% from 20,632 in the same quarter last year[18] - EBITDA for the quarter ended September 30, 2024, was 51,709,representinga13.851,709, representing a 13.8% increase from 45,710 in the same quarter of 2023[19] - The company reported a net income attributable to Acadia of 8,414forthequarterendedSeptember30,2024,comparedtoalossof8,414 for the quarter ended September 30, 2024, compared to a loss of 1,426 in the same quarter of 2023[19] Expenses and Liabilities - Total expenses for Q3 2024 amounted to 70.253million,withyear−to−dateexpensesat70.253 million, with year-to-date expenses at 216.625 million[10] - Total expenses for the quarter amounted to 26,359,000,withyear−to−dateexpensesof26,359,000, with year-to-date expenses of 82,612,000[12] - The company experienced a loss on disposition of properties amounting to 441,000year−to−date[12]−Generalandadministrativeexpensesforthequarterwere441,000 year-to-date[12] - General and administrative expenses for the quarter were 10,215,000, totaling 30,162,000year−to−date[12]−Totalliabilitiesarereportedat30,162,000 year-to-date[12] - Total liabilities are reported at 1,866,359,000, including mortgage and other notes payable of 954,371,000[14]CapitalizationandDebt−TotalmarketcapitalizationasofSeptember30,2024,was954,371,000[14] Capitalization and Debt - Total market capitalization as of September 30, 2024, was 3.975 billion[8] - The company’s total equity capitalization was 2.791billion,representing702.791 billion, representing 70% of the total capitalization[8] - Consolidated debt stood at 1.590 billion, with total debt capitalization at 1.184billion,accountingfor301.184 billion, accounting for 30% of total capitalization[8] - The total debt (pro-rata) stands at 914,961 thousand, with a total market capitalization of 3,975,475thousand[31]−TotaldebtfortheCorePortfolioasofSeptember30,2024,is3,975,475 thousand[31] - Total debt for the Core Portfolio as of September 30, 2024, is 1,099,966,000, with a principal balance of 914,961,000[38]−TheweightedaverageyearstomaturityfortheCorePortfoliodebtis3.7years[37]−Thecompanyhasasignificantportionofitsdebtmaturingin2025,totaling914,961,000[38] - The weighted average years to maturity for the Core Portfolio debt is 3.7 years[37] - The company has a significant portion of its debt maturing in 2025, totaling 474,121,000[46] Real Estate Portfolio - The company has a strong core real estate portfolio focused on high-quality retail properties in dynamic corridors[3] - The company has cash and cash equivalents of 46,207,000andrestrictedcashof46,207,000 and restricted cash of 23,088,000[14] - The company has a total of 109,778,000inrealestateunderdevelopment[14]−Thecompany’scoreportfoliohasatotalof305,275retailproperties,contributingtoasignificantrevenuestream[50]−Thetotalgrossleasablearea(GLA)acrosspropertiesis1,090,688squarefeetwithanoveralloccupancyrateof84.2109,778,000 in real estate under development[14] - The company’s core portfolio has a total of 305,275 retail properties, contributing to a significant revenue stream[50] - The total gross leasable area (GLA) across properties is 1,090,688 square feet with an overall occupancy rate of 84.2%[53] Occupancy and Leasing - The physical occupancy rate at the end of the period was 91.7%, down from 92.4% in the previous year[20] - Leased occupancy at the end of the period was 94.6%, a decrease from 95.3% in the same period last year[20] - The total leased occupancy for core properties is 91.4%, indicating strong demand for retail spaces[55] - The average ABR per square foot for suburban properties is 19.16, reflecting competitive rental pricing[55] - The number of new leases executed in Q3 2024 was 5, with a total GLA of 12,542 square feet and a new base rent of 80.82persquarefoot,reflectinga72.680.82 per square foot, reflecting a 72.6% growth in base rent compared to the previous year[60] Investment Management - Future guidance indicates continued focus on opportunistic and value-add investments through its investment management platform[3] - Acadia's total fund size reached 2,125.1 million as of September 2024[63] - Cumulative contributions amounted to 2,062.7million,withacurrentquartercontributionof2,062.7 million, with a current quarter contribution of 86.6 million[63] - The company is currently not in a promote position for any funds[63] - Fund II portfolio occupancy rate stands at 85.9% with an annualized base rent (ABR) of 19,635,801[67]RedevelopmentandFutureProjects−Thecompanyhasatotalof4majorredevelopmentprojectswithanestimatedfuturerangeofcostsbetween19,635,801[67] Redevelopment and Future Projects - The company has a total of 4 major redevelopment projects with an estimated future range of costs between 23.1 million and 58million[75]−TheestimatedstabilizationfortheHendersonAvenueprojectinDallas,TXisprojectedfor2027/2028,withatotalcostincurredtodateof58 million[75] - The estimated stabilization for the Henderson Avenue project in Dallas, TX is projected for 2027/2028, with a total cost incurred to date of 24.1 million[75] - The City Center redevelopment in San Francisco is expected to stabilize in 2026, with total costs incurred to date of 211.2million[75]−Thecompanyplanstoexpanditsmarketpresencewithnewstrategiesandproductdevelopments[72]GuidanceandProjections−Thecompany′s2024guidancefornetearningspersharehasbeenrevisedto211.2 million[75] - The company plans to expand its market presence with new strategies and product developments[72] Guidance and Projections - The company's 2024 guidance for net earnings per share has been revised to 0.09-0.13fromthepreviousrangeof0.13 from the previous range of 0.07-0.11[29]−NAREITFFOpershareguidanceisnow0.11[29] - NAREIT FFO per share guidance is now 1.09-1.13,unchangedfromthepriorguidanceof1.13, unchanged from the prior guidance of 1.09-1.15[29]−Fundsfromoperationsbeforespecialitemspershareguidanceremainsat1.15[29] - Funds from operations before special items per share guidance remains at 1.26-$1.32, consistent with the previous guidance[29]