Financial Data and Key Metrics Changes - Funds from Operations (FFO) for Q2 2021 came in at $0.30 per share, exceeding expectations due to early lease commencements and improved cash collections, with a 96% collection rate of pre-COVID rents [21][22] - Full-year FFO guidance was raised to a range of $5 to $14 million, representing a 7% increase at the low end compared to original guidance [23][24] - The company anticipates Core NOI growth between 5% to 10% annually through 2024, aiming for over $25 million incremental NOI by 2024 [24][25] Business Line Data and Key Metrics Changes - Approximately 60% of executed leases came from the street and urban portfolio, with New York City representing nearly 40% of the current pipeline [26] - The company has a $14 million pro rata share of ABR in its core pipeline, with over 400,000 square feet of space, 70% of which is incremental to 2020 NOI [27] - The spread between physical and leased occupancy grew over 100 basis points during the quarter to 260 basis points [27] Market Data and Key Metrics Changes - Retailer demand is accelerating, with a shift from necessity-based to discretionary spending, particularly in key street locations in major markets [6][7] - The luxury segment is seeing retailers expanding their footprints in key markets, indicating a rebound in high-density corridors [9][10] - Positive sales performance is being reported by several retailers, with some already comping positively to pre-COVID sales [12] Company Strategy and Development Direction - The company is focusing on acquiring out-of-favor properties with unleveraged yields of about 8%, leveraging them to achieve mid-teens current cash flow [16] - There is an emphasis on selectively acquiring assets in high barrier entry markets to achieve superior long-term growth [17] - The company is optimistic about the potential for above-trend NOI growth driven by the recovery in street and urban portfolios [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a multi-year rebound in leasing and operating trends, particularly in street retail [19] - The company is seeing a return of sellers to the market, indicating a potential for increased acquisition opportunities [18][68] - Management remains cautious about markets heavily dependent on tourism, focusing instead on areas with strong domestic demand [57][58] Other Important Information - The company successfully closed on a $700 million unsecured credit facility, significantly increasing liquidity and extending maturities [31] - The company raised approximately $46 million through an ATM at an average issuance price of $20.37, which will be used for investments and debt repayment [32] Q&A Session Summary Question: Clarification on NOI growth and Soho portfolio - Management confirmed that the projected doubling of Soho street retail NOI refers specifically to the Soho collection of assets [42] Question: Growth expectations for suburban retail portfolio - Management acknowledged positive momentum in suburban retail but noted different starting points compared to street retail [44][45] Question: Potential for capital recycling in suburban retail - Management indicated that while there is interest in capital recycling, a significant calling is not expected until private markets align with public markets [47] Question: Insights on lease structures and negotiating power - Management noted a shift back to longer-term leases with contractual growth, indicating a more favorable negotiating position [74] Question: Timing for external growth and acquisitions - Management expressed confidence in deploying capital wisely and indicated that deal flow is expected to increase [68][77]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Acadia Realty Trust's unaudited consolidated financial statements for Q2 2021 and 2020, covering balance sheets, income, equity, and cash flows, with detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2021, Total Assets decreased to $4.09 billion from $4.19 billion, while Total Liabilities decreased to $1.97 billion from $2.14 billion, leading to an increase in Total Equity to $2.12 billion from $2.05 billion Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,089,612** | **$4,186,882** | | Net investments in real estate | $3,418,792 | $3,507,488 | | Cash and cash equivalents | $34,645 | $19,232 | | **Total Liabilities** | **$1,973,262** | **$2,138,329** | | Mortgage and other notes payable, net | $1,162,617 | $1,204,581 | | Unsecured line of credit | $61,405 | $138,400 | | **Total Equity** | **$2,116,350** | **$2,048,553** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2021, total revenues increased to $74.7 million, but net income attributable to Acadia decreased to $3.9 million from $19.4 million in Q2 2020, with diluted EPS at $0.04 Income Statement Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$74,660** | **$63,773** | **$144,054** | **$135,193** | | Rental income | $73,666 | $62,639 | $140,871 | $133,096 | | **Operating Income (Loss)** | **$13,159** | **($5,758)** | **$21,840** | **($52,101)** | | **Net Income Attributable to Acadia** | **$3,918** | **$19,410** | **$9,080** | **$10,996** | | **Basic and Diluted EPS** | **$0.04** | **$0.22** | **$0.10** | **$0.12** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2021, net cash from operations decreased to $51.0 million, while investing activities shifted to a $30.9 million provision from an $87.2 million use, and financing activities used $66.2 million Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$51,033** | **$59,060** | | **Net cash provided by (used in) investing activities** | **$30,947** | **($87,243)** | | **Net cash (used in) provided by financing activities** | **($66,165)** | **$46,520** | | Increase in cash and restricted cash | $15,815 | $18,337 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, real estate transactions, notes receivable status, debt modifications, COVID-19 impacts on rent, and segment financial performance - The company operates through three reportable segments: **Core Portfolio**, **Funds**, and **Structured Financing**[22](index=22&type=chunk) - During the six months ended June 30, 2021, the company disposed of several properties for total proceeds of **$66.3 million**, resulting in a gain of **$9.8 million**[39](index=39&type=chunk) - As of June 30, 2021, two notes receivable with an aggregate balance of **$31.6 million** (including accrued interest) were in default[48](index=48&type=chunk)[49](index=49&type=chunk) - In June 2021, the company modified its **Credit Facility**, increasing the **Revolver** by **$50.0 million** (to **$300.0 million**) and the **Term Loan** by **$50.0 million** (to **$400.0 million**)[72](index=72&type=chunk) - The company collected or negotiated payment agreements for approximately **95.6%** of its **Core Portfolio** and **92.1%** of its **Funds'** pre-COVID billings for the second quarter[128](index=128&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, results of operations, and liquidity, covering Core and Fund portfolios, property dispositions, financing, and rent collections [Overview](index=46&type=section&id=Overview) Acadia's portfolio comprises 180 properties across Core and Fund segments, focusing on high-quality retail and opportunistic acquisitions to provide shareholder distributions and capital appreciation - The company's portfolio consists of **180 properties** across its **Core Portfolio** and **Funds**, with a total of **12.3 million** square feet of Gross Leasable Area (GLA)[161](index=161&type=chunk)[162](index=162&type=chunk) - Key business objectives include operating a high-quality **Core Portfolio**, generating external growth through opportunistic **Fund** acquisitions, and maintaining a strong, flexible balance sheet[163](index=163&type=chunk)[164](index=164&type=chunk) [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Core Portfolio net income increased by $9.5 million in Q2 2021 due to lower credit loss reserves, while Funds segment net income decreased by $22.7 million, primarily due to reduced holding gains from the Albertsons investment Net Income (Loss) Attributable to Acadia by Segment (in millions) | Segment | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Change | | :--- | :--- | :--- | :--- | | Core Portfolio | $7.4 | ($2.1) | $9.5 | | Funds | $5.5 | $28.2 | ($22.7) | | Structured Financing | $1.9 | $2.2 | ($0.3) | | **Total** | **$3.9** | **$19.4** | **($15.5)** | - **Core Portfolio** revenue for Q2 2021 increased by **$7.4 million** YoY, primarily due to a **$6.4 million** decrease in credit loss reserves related to the COVID-19 pandemic[179](index=179&type=chunk) - The **Funds** segment's Q2 2021 results were significantly impacted by an **$85.1 million** decrease in realized and unrealized holding gains compared to Q2 2020, which included large gains from the Investment in Albertsons[177](index=177&type=chunk)[187](index=187&type=chunk) [Supplemental Financial Measures](index=52&type=section&id=Supplemental%20Financial%20Measures) The company provides supplemental metrics including NOI and FFO, with Core Portfolio Same-Property NOI increasing 13.9% for Q2 2021, and diluted FFO per share at $0.31 for Q2 2021 Same-Property NOI - Core Portfolio (in thousands) | Period | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | **$31,192** | **$27,395** | **13.9%** | | **Six Months Ended June 30** | **$59,549** | **$60,551** | **(1.7)%** | Funds From Operations (FFO) per Share - Diluted | Period | 2021 | 2020 | | :--- | :--- | :--- | | **Three Months Ended June 30** | **$0.31** | **$0.49** | | **Six Months Ended June 30** | **$0.57** | **$0.79** | [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity sources include equity issuance, debt, Fund partner commitments, and asset sales, with total consolidated indebtedness at $1.66 billion as of June 30, 2021 - Primary sources of capital include the **ATM equity program**, debt issuance, unfunded capital commitments from **Fund** partners, and property sales[225](index=225&type=chunk) - The company sold **2,071,991 common shares** through its **ATM Program** during the first six months of 2021, generating **net proceeds** of **$45.7 million**[226](index=226&type=chunk) Consolidated Debt Summary (in thousands) | Debt Type | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Debt - Fixed and Effectively Fixed Rate | $1,053,715 | $1,143,152 | | Total Debt - Variable Rate | $619,242 | $626,902 | | **Total Indebtedness** | **$1,664,110** | **$1,763,839** | [Quantitative and Qualitative Disclosures about Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure, with 63.0% of its $1.67 billion total debt fixed-rate, and a 100 basis point LIBOR increase impacting annual interest expense by $6.2 million - As of June 30, 2021, **63.0%** of the company's **total debt** of **$1.67 billion** was **fixed-rate** or **effectively fixed** with swaps, while **37.0%** was **variable-rate**[242](index=242&type=chunk) - A hypothetical **100 basis point** increase in **LIBOR** would increase annual **interest expense** on the company's **variable-rate** debt by approximately **$6.2 million**[248](index=248&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's **disclosure controls and procedures** were **effective** as of June 30, 2021[255](index=255&type=chunk) - **No material changes** were made to the **internal control over financial reporting** during the most recently completed fiscal quarter[256](index=256&type=chunk) [PART II - OTHER INFORMATION](index=61&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings incidental to its ordinary course of business but does not expect material adverse effects on its financial position - The company states that it is not party to any legal proceedings that are expected to have a **material adverse effect** on its consolidated financial position[257](index=257&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 were reported - **No material changes** to the risk factors disclosed in the 2020 Annual Report on Form 10-K were reported[258](index=258&type=chunk) [Other Part II Items](index=61&type=section&id=Other%20Part%20II%20Items) Items 2, 3, 4, and 5 of Part II were not applicable for this period, with Item 6 listing the exhibits filed with the report - Items 2, 3, 4, and 5 of **Part II** are noted as '**Not applicable**'[258](index=258&type=chunk) - Item 6 provides an index of exhibits filed with the Form 10-Q, including certifications and XBRL data files[259](index=259&type=chunk)[260](index=260&type=chunk)

Acadia Realty Trust (NYSE:AKR) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Nathan Niemiec – Development Intern Ken Bernstein – President and Chief Executive Officer John Gottfried – Chief Financial Officer Amy Racanello – Senior Vice President, Capital Markets and Investments Conference Call Participants Todd Thomas – KeyBanc Capital Markets Floris van Dijkum – Compass Point Linda Tsai – Jefferies Chris McCurry – Citi Craig Schmidt – Bank of America Hong Zhang – JPMorgan ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2021 financial statements show a turnaround to profitability, driven by the absence of prior-year impairment charges, with total assets slightly decreasing and equity increasing [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were **$4.15 billion**, a slight decrease from **$4.19 billion** at December 31, 2020, with liabilities decreasing and equity increasing Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,153,682** | **$4,186,882** | | Net investments in real estate | $3,472,369 | $3,507,488 | | Cash and cash equivalents | $15,424 | $19,232 | | **Total Liabilities** | **$2,069,313** | **$2,138,329** | | Mortgage and other notes payable, net | $1,188,695 | $1,204,581 | | Unsecured line of credit | $105,400 | $138,400 | | **Total Equity** | **$2,084,369** | **$2,048,553** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2021, the company reported a net income of **$1.86 million**, a significant improvement from a **$60.04 million** net loss in Q1 2020, primarily due to the absence of impairment charges Q1 2021 vs Q1 2020 Statement of Operations (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Total Revenues | $69,394 | $71,420 | | Impairment Charges | $0 | $51,549 | | Operating Income (Loss) | $8,681 | $(46,343) | | Net Income (Loss) | $1,860 | $(60,039) | | Net Income (Loss) Attributable to Acadia | $5,162 | $(8,414) | | Basic and Diluted EPS | $0.06 | $(0.10) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$30.9 million** for Q1 2021, with investing activities providing **$11.5 million** and financing activities using **$45.2 million**, primarily for debt repayments Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $30,934 | $27,978 | | Net cash provided by (used in) investing activities | $11,492 | $(90,728) | | Net cash (used in) provided by financing activities | $(45,203) | $70,356 | | (Decrease) increase in cash and restricted cash | $(2,777) | $7,606 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, real estate transactions, debt, COVID-19 impact, and segment performance, providing context for its financial position - The company operates as a fully-integrated equity REIT with assets held through the Acadia Realty Limited Partnership (UPREIT structure) As of March 31, 2021, its portfolio consisted of 130 Core Portfolio properties and 56 properties within its four opportunity Funds[20](index=20&type=chunk)[21](index=21&type=chunk) - The company has three reportable operating segments: Core Portfolio, Funds, and Structured Financing[26](index=26&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20(MD%26A)) Management discusses the ongoing impact of COVID-19, a **$13.6 million** increase in net income attributable to Acadia, and the company's liquidity position, focusing on debt maturities and extension options [Overview and Significant Developments](index=42&type=section&id=Overview%20and%20Significant%20Developments) The company's portfolio comprises 186 properties, with Q1 2021 developments including a **$16.4 million** property sale and **$3.7 million** in COVID-19 related pro-rata charges - The company incurred pro-rata charges of **$3.7 million** in Q1 2021 due to the COVID-19 pandemic, compared to **$16.7 million** in the prior-year period These charges included credit loss, straight-line rent reserves, and abatements[174](index=174&type=chunk) - During Q1 2021, the company sold one Core Portfolio property for **$16.4 million**, recognizing a gain of **$4.6 million**[176](index=176&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Net income attributable to Acadia increased by **$13.6 million** year-over-year, driven by the absence of prior-year impairment charges in the Funds segment, despite a slight decline in total revenues Change in Net Income Attributable to Acadia by Segment (in millions) | Segment | Q1 2021 | Q1 2020 | Increase / (Decrease) | | :--- | :--- | :--- | :--- | | Core Portfolio | $7.5 | $5.7 | $1.8 | | Funds | $5.2 | $(8.4) | $13.6 | | Structured Financing (SF) | $1.7 | $2.4 | $(0.7) | | **Total** | **$5.2** | **$(8.4)** | **$13.6** | - The absence of the **$51.5 million** impairment charge recorded in Q1 2020 was the primary driver for the year-over-year improvement in the Funds segment's results[190](index=190&type=chunk) [Supplemental Financial Measures (NOI & FFO)](index=45&type=section&id=Supplemental%20Financial%20Measures%20(NOI%20%26%20FFO)) Core Portfolio Same-Property NOI decreased by **14.5%** in Q1 2021, while Diluted FFO per share was **$0.26**, down from **$0.30** in the prior-year period Core Portfolio Same-Property NOI (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Same-Property NOI | $28,357 | $33,156 | | Percent change | (14.5)% | N/A | Funds from Operations (FFO) (in thousands, except per share) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | FFO attributable to Common Shareholders | $24,343 | $27,738 | | Diluted FFO per Share | $0.26 | $0.30 | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by various sources, with total consolidated debt at **$1.72 billion** and significant maturities in 2021 and 2022, partially mitigated by extension options - At March 31, 2021, the company's share of remaining capital commitments to its Funds aggregated **$76.3 million**[209](index=209&type=chunk) Consolidated Debt Summary (in thousands) | Debt Type | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Debt - Fixed and Effectively Fixed Rate | $1,102,250 | $1,143,152 | | Total Debt - Variable Rate | $618,493 | $626,902 | | **Total Indebtedness** | **$1,715,055** | **$1,763,839** | - Excluding extension options, **$360.6 million** of consolidated debt is maturing in the remainder of 2021, and **$535.6 million** is maturing in 2022 The company has options to extend **$260.5 million** and **$250.6 million** of this debt, respectively[214](index=214&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its **$1.72 billion** consolidated debt, with **35.9%** being variable-rate, where a 100 basis point LIBOR increase would raise annual interest expense by **$6.2 million** - As of March 31, 2021, **64.1%** (**$1.10 billion**) of the company's consolidated debt was fixed-rate or hedged, while **35.9%** (**$618.5 million**) was variable-rate[233](index=233&type=chunk) - A 100 basis point increase in LIBOR would increase annual interest expense on the variable-rate debt by **$6.2 million** After accounting for noncontrolling interests, the company's share of this increase would be **$1.7 million**[237](index=237&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[245](index=245&type=chunk) - No material changes were made to the internal control over financial reporting during the most recently completed fiscal quarter[246](index=246&type=chunk) [PART II - OTHER INFORMATION](index=55&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not expect their outcomes to have a material adverse effect on its financial position - The company states that it does not expect any ongoing legal proceedings to have a material adverse effect on its consolidated financial position[248](index=248&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the 2020 Annual Report on Form 10-K - No material changes were reported to the risk factors previously disclosed in the 2020 Annual Report on Form 10-K[249](index=249&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 23-2715194 (State or Other Jurisdiction of Incorporation or Organiz ...

Acadia Realty Trust (NYSE:AKR) Q4 2020 Earnings Conference Call February 11, 2021 1:00 PM ET Company Participants Alex Burger - Analyst, Acquisitions Department Ken Bernstein - President & Chief Executive Officer John Gottfried - Senior Vice President & Chief Financial Officer Amy Racanello - Senior Vice President, Capital Markets & Investments Conference Call Participants Todd Thomas - KeyBanc Capital Markets Linda Tsai - Jefferies Katy McConnell - Citi Craig Schmidt - Bank of America Paulina Rojas-Schmid ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Acadia Realty Trust's unaudited consolidated financial statements for the periods ended September 30, 2020 and 2019, including balance sheets, statements of operations, comprehensive income, equity changes, cash flows, and notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased from **$4.31 billion** to **$4.25 billion**, while total liabilities increased to **$2.20 billion**, leading to a decrease in total equity to **$2.05 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2020 (Unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$4,251,408** | **$4,309,114** | | Net investments in real estate | $3,615,729 | $3,609,315 | | Cash and cash equivalents | $16,108 | $15,845 | | **Total Liabilities** | **$2,199,308** | **$2,122,149** | | Mortgage and other notes payable, net | $1,159,688 | $1,170,076 | | Unsecured line of credit | $127,400 | $60,800 | | **Total Equity** | **$2,052,100** | **$2,186,965** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The company shifted from net income to a **$33.4 million net loss** for the nine months ended September 30, 2020, driven by decreased revenues and **$51.5 million** in impairment charges Statement of Operations Summary (in thousands) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$51,281** | **$73,327** | **$186,474** | **$217,543** | | Rental income | $50,300 | $72,191 | $183,396 | $214,490 | | **Total Operating Expenses** | **$65,330** | **$64,118** | **$253,109** | **$187,054** | | Impairment charges | $— | $321 | $51,549 | $1,721 | | **Operating (Loss) Income** | **($14,025)** | **$21,265** | **($66,126)** | **$44,559** | | **Net (Loss) Income** | **($38,289)** | **$8,840** | **($33,422)** | **$6,539** | | **Net (Loss) Income Attributable to Acadia** | **($9,030)** | **$10,458** | **$1,966** | **$31,735** | | **Basic and Diluted (Loss) EPS** | **($0.10)** | **$0.12** | **$0.02** | **$0.38** | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) A comprehensive loss of **$106.3 million** for the nine months ended September 30, 2020, was primarily driven by operating losses and **$82.4 million** in unrealized swap valuation losses Comprehensive Loss Summary (in thousands) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net (loss) income | ($33,422) | $6,539 | | Unrealized (loss) on valuation of swap agreements | ($82,444) | ($51,347) | | **Comprehensive loss** | **($106,268)** | **($46,182)** | | **Comprehensive loss attributable to Acadia** | **($52,732)** | **($12,919)** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Total equity decreased from **$2.19 billion** to **$2.05 billion** due to **$22.4 million** in share repurchases, **$24.9 million** in dividends, and a **$52.7 million** comprehensive loss - During the first nine months of 2020, the company repurchased **1,219,000 common shares** for a total of **$22.4 million**[15](index=15&type=chunk) - Dividends and distributions declared for the nine months ended September 30, 2020, totaled **$24.9 million**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$81.1 million**, investing activities used **$92.9 million** (down from **$359.6 million**), and financing activities provided **$11.6 million** (down from **$290.6 million**) Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$81,081** | **$95,187** | | **Net cash used in investing activities** | **($92,868)** | **($359,624)** | | **Net cash provided by financing activities** | **$11,558** | **$290,596** | | (Decrease) increase in cash and restricted cash | ($229) | $26,159 | [Notes to Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section details disclosures on segments, accounting policies, real estate activities, debt, financial instruments, and the significant impact of the COVID-19 pandemic - The company operates through three reportable segments: **Core Portfolio, Funds, and Structured Financing**[25](index=25&type=chunk) - Effective January 1, 2020, the company adopted ASU 2016-13 regarding credit losses, recording a cumulative-effect adjustment of **$0.4 million** to retained earnings for its Structured Financing portfolio[32](index=32&type=chunk) - The company made an accounting policy election to account for lease concessions related to COVID-19 as though the enforceable rights and obligations for those concessions existed in the original contract[42](index=42&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the COVID-19 pandemic's impact on operations, including tenant issues, rent collections, and impairment charges, alongside liquidity, capital resources, and a decrease in FFO per share - Due to the COVID-19 pandemic, the company recorded credit loss reserves of approximately **$24.0 million** and **$39.9 million** during the three and nine months ended September 30, 2020, respectively[218](index=218&type=chunk) - The Board of Trustees temporarily suspended common share distributions from Q2 2020 through Q4 2020, with reinstatement expected in Q1 2021, subject to approval[218](index=218&type=chunk)[277](index=277&type=chunk) Rent Collections of Pre-COVID Billings (as of Oct 31, 2020) | Portfolio | Q2 2020 Collections | Q3 2020 Collections | October 2020 Collections | | :--- | :--- | :--- | :--- | | Core | 76% | 87% | 90% | | Fund | 67% | 79% | 81% | Funds from Operations (FFO) per Share - Diluted | Period | 2020 | 2019 | | :--- | :--- | :--- | | **Three Months Ended Sep 30** | **$0.17** | **$0.34** | | **Nine Months Ended Sep 30** | **$0.96** | **$1.09** | [Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on its **$1.8 billion** debt, with **75.8%** fixed-rate and **24.2%** variable-rate, where a 100 basis point increase would raise annual interest expense by **$4.3 million** - As of September 30, 2020, total mortgage and other notes payable was **$1.8 billion**, with **75.8% ($1.36 billion)** fixed-rate or effectively fixed, and **24.2% ($435.1 million)** variable-rate[308](index=308&type=chunk) - A **100 basis point** increase in LIBOR would increase annual interest expense on the company's variable-rate debt by **$4.3 million**[312](index=312&type=chunk) - The company's interest rate risk exposure increased as variable-rate debt grew from **$314.6 million (18.3% of total)** at year-end 2019 to **$435.1 million (24.2% of total)** by September 30, 2020[319](index=319&type=chunk) [Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2020[320](index=320&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2020[321](index=321&type=chunk) [PART II - OTHER INFORMATION](index=65&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) Litigation regarding a defaulted mortgage loan was settled on October 30, 2020, with a **$30 million** payment, expected to result in a gain in the fourth quarter - Litigation related to the defaulted Brandywine Loan, which had an original principal of **$26.3 million**, was settled on October 30, 2020[322](index=322&type=chunk)[324](index=324&type=chunk) - The settlement involved a **$30 million** payment by Brandywine Holdings, which was a discount to the carrying value and is expected to result in a gain for accounting purposes in Q4 2020[324](index=324&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) The company highlights material risks from the COVID-19 pandemic, including adverse effects on business, financial condition, and liquidity due to tenant closures and reduced rent collections - The primary updated risk factor relates to the adverse effects of the **COVID-19 pandemic** on the company's and its tenants' businesses, financial condition, and results of operations[327](index=327&type=chunk)[328](index=328&type=chunk) - Key pandemic-related risks include tenants' inability to make timely rental payments, uncertainty regarding lease renewals, potential delays and reduced returns on development projects, and disruptions to capital markets[331](index=331&type=chunk) - As of October 31, 2020, the company had collected approximately **87%** of Core Portfolio and **79%** of Fund Portfolio pre-COVID billings for the third quarter of 2020[329](index=329&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[333](index=333&type=chunk) [Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[333](index=333&type=chunk) [Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[333](index=333&type=chunk) [Other Information](index=67&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[333](index=333&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, and XBRL interactive data files[335](index=335&type=chunk)

Acadia Realty Trust (NYSE:AKR) Q3 2020 Earnings Conference Call November 4, 2020 11:00 AM ET Company Participants Jennifer Han - IR Kenneth Bernstein - President, CEO & Trustee John Gottfried - SVP & CFO Amy Racanello - SVP, Capital Markets & Investments Conference Call Participants Craig Schmidt - Bank of America Merrill Lynch Floris Van Dijkum - Compass Point Research & Trading Mary McConnell - Citigroup Todd Thomas - KeyBanc Capital Markets Linda Tsai - Jefferies Ki Bin Kim - Truist Securities Vince Tibo ...

Acadia Realty Trust (NYSE:AKR) Q2 2020 Results Conference Call August 6, 2020 11:00 AM ET Company Participants Joy Liu - Intern Finance and Capital Markets Department Ken Bernstein - President and CEO John Gottfried - SVP and CFO Amy Racanello - SVP, Capital Markets & Investments Conference Call Participants Craig Schmidt - Bank of America Christy McElroy - Citi Todd Thomas - KeyBanc Capital Markets Mike Mueller - JPMorgan Linda Tsai - Jefferies Floris Van Dijkum - Compass Point Vince Tibone - Green Street ...

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, 2020 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) | --- | --- | --- | |----------------------------------------------------------------- ...