Acadia Realty Trust(US:AKR)2022-08-04 16:00Financial Performance - Total revenues for the three months ended June 30, 2022, were $84,259,000, an increase of 15.1% compared to $73,057,000 for the same period in 2021[10] - Rental income for the six months ended June 30, 2022, was $160,026,000, up 15.9% from $138,067,000 in the prior year[10] - Operating income for the three months ended June 30, 2022, was $25,648,000, compared to $12,923,000 for the same period in 2021, reflecting a significant increase of 98.5%[10] - Net loss attributable to Acadia for the three months ended June 30, 2022, was $(374,000), a decrease from net income of $3,711,000 in the same period last year[10] - The net income for the six months ended June 30, 2022, was $28,272, a significant increase from the net income of $1,149 for the same period in 2021[12] - For the three months ended June 30, 2022, Acadia reported a comprehensive income of $5,436, compared to a comprehensive loss of $(4,345) for the same period in 2021[12] - Comprehensive income attributable to Acadia for the six months ended June 30, 2022, was $63,918, compared to $35,510 for the same period in 2021[12] - The company reported a net income of $9.7 million for the six months ended June 30, 2022, compared to $6.0 million for the same period in 2021[61] Assets and Liabilities - Total assets as of June 30, 2022, were $4,438,884,000, an increase from $4,261,746,000 as of December 31, 2021[9] - Total liabilities decreased to $2,075,666,000 as of June 30, 2022, from $2,111,811,000 at the end of 2021, indicating a reduction of 1.7%[9] - Cash and cash equivalents increased to $23,921,000 as of June 30, 2022, compared to $17,746,000 as of December 31, 2021, representing a growth of 34.8%[9] - Acadia's total equity increased to $2,363,218 as of June 30, 2022, up from $2,149,935 as of January 1, 2022[20] - The total carrying value of properties as of June 30, 2022, was $203.8 million, with $12.9 million related to transfers out of Fund IV properties[63] Cash Flow and Investments - Net cash provided by operating activities increased to $64,759,000 in 2022 from $50,561,000 in 2021, reflecting a growth of approximately 28%[23] - The company reported a net cash used in investing activities of $141,888,000, a significant increase from $15,995,000 in the previous year[23] - The company acquired real estate worth $242,633,000 during the six months ended June 30, 2022, with proceeds from property dispositions totaling $156,783,000[23] - Proceeds from unsecured debt amounted to $574,783,000, a substantial increase from $49,295,000 in the same period last year[23] - The company disposed of properties in 2022 for a total sale price of $153.8 million, resulting in a gain on sale of $41.0 million[59] Dividends and Distributions - The company declared dividends/distributions of $0.18 per common share/OP unit, totaling $17,087 for the three months ended June 30, 2022[14] - The company paid dividends of $30,407,000 to common shareholders, up from $12,945,000 in the prior year, representing an increase of approximately 135%[23] - For the six months ended June 30, 2022, the net income was $11,808, with a distribution declared of $0.36 per Common OP Unit[159] Real Estate and Development - The Company’s real estate under development was reported at $203,036 thousand as of June 30, 2022, slightly down from $203,773 thousand as of December 31, 2021[49] - The Company’s construction in progress was valued at $12,494 thousand as of June 30, 2022, compared to $11,131 thousand as of December 31, 2021, indicating an increase of approximately 12.2%[49] - The company has ownership interests in five opportunity funds, with total distributions as of June 30, 2022, amounting to $172.1 million for Fund II[31] - The company recognized a bargain purchase gain of $1.2 million related to the Williamsburg NCI, included in realized and unrealized holding gains on investments[52] Debt and Financing - As of June 30, 2022, total indebtedness was $1,814.226 million, slightly up from $1,812.238 million at December 31, 2021[100] - Total mortgages payable decreased from $1,140.293 million at December 31, 2021, to $1,104.355 million at June 30, 2022[100] - The company has a $700.0 million senior unsecured credit facility, which includes a $300.0 million revolving credit facility and a $400.0 million term loan[104] - The company has fixed $989.9 million of variable-rate debt through interest rate swap agreements as of June 30, 2022[101] - The company was not in default on any of its loan agreements as of June 30, 2022[109] Stock and Compensation - The Company recognized Common Share and Common OP Unit-based compensation expense totaling $2.2 million for the three months ended June 30, 2022[140] - The Company issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to acquire Gotham Plaza, with Series C Preferred OP Units valued at $100.00 each and a quarterly distribution of $0.9375 per unit[164] - The company matches 50% of a plan participant's contribution up to 6% of the employee's annual salary under the 401(k) plan[199] - A total of 3,674 Common Shares were purchased by employees under the Employee Share Purchase Plan for the six months ended June 30, 2022[196] Market and Strategic Outlook - The company anticipates continued growth in rental income and operating performance, driven by strategic acquisitions and market expansion efforts[5] - The company has three reportable segments: Core Portfolio, Funds, and Structured Financing, focusing on high-quality retail properties and co-investments with institutional investors[178]