Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.31 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.36 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.30 per share when it actually produced FFO of $0.33, delivering a surprise of 10%.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Acadia ...

Exhibit 99.2 EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO Section I – Second Quarter 2024 Earnings Press Release Section II – Financial Information Section III – Core Portfolio Information Table of Contents Supplemental Report – June 30, 2024 | Company Information | 3 | Core Properties | 29 | | --- | --- | --- | --- | | Market Capitalization | 4 | Core Top Tenants | 33 | | Operating Statements | | Core Lease Expirations | 34 | | Consolidated Statements of Operations | 5 | Core New and Renewal Rent Spreads | 35 ...

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Is Acadia Realty Trust (AKR) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Acadia Realty Trust is one of 863 individual stocks in the Finance sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within th ...

Company Overview - J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) has acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, fully leased, Class A grocery-anchored shopping center in Queens, NY for a total purchase price of $48 million, increasing its asset value to over $400 million [1] - This acquisition marks JPMREIT's first last-mile retail investment, focusing on properties in densely populated areas [1][2] Strategic Focus - The investment aligns with JPMREIT's "New Economy" strategy, which emphasizes a post-pandemic perspective on consumption, housing, and work [2] - The Shops at Grand Avenue is strategically located in a residential area with approximately one million residents within a three-mile radius, highlighting the importance of proximity to consumers in retail investments [1][2] Market Context - The neighborhood shopping center sector is experiencing growth, driven by resilient consumer behavior and the rising significance of service consumption [2] - JPMREIT's strategy targets assets in supply-constrained, densely populated areas, which are seen as valuable for last-mile retail opportunities [2]

Acadia Realty Trust (NYSE:AKR) Q1 2024 Results Conference Call April 30, 2024 11:00 AM ET Company Participants Jose Vilchez - Capital Markets Analyst Ken Bernstein - President and CEO A.J. Levine - Senior Vice President, Leasing and Development John Gottfried - Executive Vice President, Chief Financial Officer Stuart Seeley - Senior Managing Director of Strategy and Public Markets Conference Call Participants Lizzy Doykan - BofA Securities Todd Thomas - KeyBanc Capital Markets Linda Tsai - Jefferies Group C ...

PART I - FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis of financial condition, market risk disclosures, and controls and procedures for the company [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Acadia Realty Trust as of March 31, 2024, and for the three months then ended, including balance sheets, statements of income, comprehensive income, changes in equity, and cash flows, with accompanying notes detailing accounting policies and significant financial activities Condensed Consolidated Balance Sheet Highlights (Unaudited) | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total assets | $4,271,782 | $4,291,154 | | Total liabilities | $2,000,251 | $2,157,598 | | Total equity | $2,226,069 | $2,083,217 | Condensed Consolidated Statement of Income Highlights (Unaudited) | (in thousands, except per share) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total revenues | $91,356 | $81,839 | | Net (loss) income | $(6,857) | $22,002 | | Net income attributable to Acadia shareholders | $3,269 | $13,360 | | Diluted income per share | $0.03 | $0.14 | Condensed Consolidated Statement of Cash Flows Highlights (Unaudited) | (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $25,988 | $59,432 | | Net cash used in investing activities | $(3,829) | $(3,612) | | Net cash used in financing activities | $(20,539) | $(56,659) | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes provide detailed explanations for the financial statements, covering the company's UPREIT structure, real estate portfolio activity, debt structure, fair value measurements, commitments, contingencies, and segment reporting, with a significant subsequent event being the April 2024 credit facility amendment and extension - The company operates as a fully-integrated equity REIT through an UPREIT structure, with assets held by the Operating Partnership, and its business is divided into a Core Portfolio and several opportunity Funds (Fund II, III, IV, and V)[26](index=26&type=chunk)[27](index=27&type=chunk) - In Q1 2024, the company did not acquire or dispose of any consolidated retail properties, and a **$1.2 million loss** was recorded related to a post-closing dispute from a property sold in 2019[39](index=39&type=chunk)[40](index=40&type=chunk) - In January 2024, the company completed an underwritten offering of **6.9 million Common Shares**, generating net proceeds of **$113.0 million**[98](index=98&type=chunk) - Subsequent to the quarter end, in April 2024, the company amended its credit facility to increase the revolver from **$300 million to $350 million** and extend the maturity of both the revolver and the **$400 million term loan to 2028**, and also sold two Fund IV properties for **$14.1 million**[143](index=143&type=chunk)[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and Q1 2024 results, highlighting performance across its Core and Fund portfolios, significant financing activities, liquidity, capital resources, and non-GAAP measures like FFO and NOI, while noting continued leasing momentum and value-add strategies amidst a volatile macroeconomic environment - As of March 31, 2024, the company's portfolio consisted of **201 properties**, with the Core Portfolio **91.6% occupied** and the Fund Portfolio **90.8% occupied**[146](index=146&type=chunk) Key Performance Metrics (Q1 2024) | Metric | Value | YoY Change | | :--- | :--- | :--- | | Diluted FFO per Share | $0.28 | Down from $0.40 | | Core Same-Property NOI | $32.0M | +5.7% | | Core New/Renewal Rent Spread (Cash) | +5.2% | N/A | | Core New/Renewal Rent Spread (Straight-line) | +10.7% | N/A | - In April 2024, the company amended its credit facility, increasing the revolver to **$350 million** and extending maturities to 2028, and in Q1 2024, it repaid an **$80.6 million Fund V subscription line** and a **$7.3 million Core mortgage**[149](index=149&type=chunk)[152](index=152&type=chunk) [Results of Operations](index=50&type=section&id=RESULTS%20OF%20OPERATIONS) This section analyzes operating results by segment for Q1 2024 compared to Q1 2023, showing an increase in the Core Portfolio's net income due to higher revenue from a forfeited deposit, and a decrease in the Funds segment's net income primarily due to a non-recurring dividend from its Albertsons investment in Q1 2023, alongside increased interest expense across both segments Net Income Attributable to Acadia by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Core Portfolio | $7.2 | $6.7 | +$0.5 | | Funds | $0.8 | $11.6 | -$10.8 | | Structured Financing | $5.0 | $5.1 | -$0.1 | - The Funds segment's results were significantly impacted by a **$25.0 million decrease** in 'Realized and unrealized holding gains on investments and other', mainly due to a **$28.2 million dividend** from Albertsons received in Q1 2023 that was not repeated in Q1 2024[163](index=163&type=chunk) [Non-GAAP Financial Measures](index=52&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) This section details key non-GAAP metrics used to evaluate performance, including Net Operating Income (NOI), rent spreads, and Funds from Operations (FFO), noting that Core Portfolio Same-Property NOI grew 5.7% year-over-year, rent spreads on new and renewal leases were positive, and diluted FFO per share decreased to $0.28 from $0.40 in the prior-year period due to non-recurring investment income - Core Portfolio Same-Property NOI increased by **5.7%** in Q1 2024 compared to Q1 2023, rising from **$30.3 million to $32.0 million**[170](index=170&type=chunk) Core Portfolio Rent Spreads (Q1 2024) | Basis | Percent Growth | | :--- | :--- | | Cash Basis | 5.2% | | Straight-Line Basis | 10.7% | Funds From Operations (FFO) Reconciliation (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net income attributable to Acadia | $3,269 | $13,360 | | Adjustments (Depreciation, etc.) | $27,485 | $27,361 | | **FFO attributable to Common Shareholders/OP Unit holders** | **$30,957** | **$40,721** | | **Diluted FFO per Share** | **$0.28** | **$0.40** | [Liquidity and Capital Resources](index=56&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Management details the company's liquidity position, capital sources, and uses, reporting $18.8 million in cash, $185.3 million of credit facility capacity, and 92 unencumbered properties as of March 31, 2024, alongside $113.0 million raised from a share offering, $1.73 billion in total consolidated debt (81% fixed-rate), and active management of upcoming debt maturities and interest rate volatility - As of March 31, 2024, total consolidated debt was **$1.73 billion**, with **81.0%** being fixed or effectively fixed rate, and the company had **$18.8 million in cash** and **$185.3 million** of available capacity under its credit facilities[179](index=179&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk)[189](index=189&type=chunk) - Net cash from operating activities decreased by **$33.4 million** year-over-year, primarily due to a **$28.2 million dividend** from Albertsons received in Q1 2023, while net cash used in financing activities decreased by **$36.2 million**, mainly due to the **$113.8 million** from the Q1 2024 common share offering[194](index=194&type=chunk)[199](index=199&type=chunk) - The company has **$222.8 million** of consolidated debt and **$65.6 million** of pro-rata unconsolidated debt maturing in the remainder of 2024[207](index=207&type=chunk) [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 debt, with 81.0% of its $1.73 billion in consolidated debt fixed-rate or effectively fixed through derivatives as of March 31, 2024, and a hypothetical 100 basis point increase in rates would raise annual interest expense by $3.3 million on its variable-rate debt - The company's variable-rate debt exposure decreased from **$426.4 million (22.7% of total debt)** at year-end 2023 to **$329.8 million (19.0% of total debt)** as of March 31, 2024[206](index=206&type=chunk)[213](index=213&type=chunk) - A hypothetical **100 basis point increase** in interest rates would increase annual interest expense on variable-rate debt by **$3.3 million**, with the company's share of this increase being **$1.0 million** after noncontrolling interests[207](index=207&type=chunk) Consolidated Debt Maturities (as of March 31, 2024, in millions) | Year | Total Maturing Debt | | :--- | :--- | | 2024 (Remainder) | $222.8 | | 2025 | $583.9 | | 2026 | $454.4 | | 2027 | $246.2 | | 2028 | $131.0 | | Thereafter | $96.2 | [Controls and Procedures](index=65&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES.) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable level of assurance as of March 31, 2024, with no material changes to internal control over financial reporting during the first quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[214](index=214&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[215](index=215&type=chunk) PART II - OTHER INFORMATION This section covers legal proceedings, risk factors, other standard disclosures, and an index of exhibits filed with the Form 10-Q [Legal Proceedings](index=66&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS.) The company is party to various legal proceedings arising from its ordinary course of business but does not anticipate that their resolution will have a material adverse effect on its consolidated financial position - Management does not expect ongoing legal proceedings to have a material adverse effect on the company's financial position[217](index=217&type=chunk) [Risk Factors](index=66&type=section&id=ITEM%201A.%20RISK%20FACTORS.) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - There were no material changes to the risk factors disclosed in the company's 2023 Annual Report on Form 10-K[218](index=218&type=chunk) [Other Information (Items 2-5)](index=66&type=section&id=Items%202-5) This section covers several standard disclosure items, reporting that Items 2, 3, and 4 (Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, and Mine Safety Disclosures) are not applicable, and no officers or trustees adopted, terminated, or modified any Rule 10b5-1 trading plans during the quarter - Items 2, 3, and 4 of Part II are not applicable to the company for this reporting period[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - No officers or trustees adopted, terminated, or modified any Rule 10b5-1 trading arrangements during the first quarter of 2024[222](index=222&type=chunk) [Exhibits](index=67&type=section&id=ITEM%206.%20EXHIBITS.) This section provides an index of all exhibits filed with the Form 10-Q, including new forms of Long-Term Incentive Plan award agreements, certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and the XBRL interactive data files - The report includes newly filed forms for Long-Term Incentive Plan awards and the required CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906[224](index=224&type=chunk)

[Company and Financial Overview](index=3&type=section&id=Company%20and%20Financial%20Overview) [Company Information](index=3&type=section&id=Company%20Information) Acadia Realty Trust is an equity REIT focused on owning, acquiring, redeveloping, and managing high-quality retail properties in prime urban and suburban locations through its Core Portfolio and various investment funds - Acadia Realty Trust is an equity REIT focused on owning, acquiring, redeveloping, and managing high-quality retail properties in prime urban and suburban locations through its Core Portfolio and various investment funds[3](index=3&type=chunk) [Market Capitalization](index=4&type=section&id=Market%20Capitalization) As of March 31, 2024, Acadia Realty Trust's total market capitalization was approximately **$3.18 billion**, with equity constituting 58% and debt 42%, comprising 108.1 million common shares and OP units outstanding Market Capitalization as of March 31, 2024 (in thousands) | Category | Amount | Percentage | | :--- | :--- | :--- | | Total Equity Capitalization | $1,847,063 | 58% | | Total Debt Capitalization | $1,328,651 | 42% | | **Total Market Capitalization** | **$3,175,714** | **100%** | - The total number of combined common shares and OP units outstanding was **108,123,000** at the end of the quarter, an increase from **100,707,000** at the end of 2023, primarily due to the issuance of **6,987,000** shares[8](index=8&type=chunk) [Operating Statements](index=5&type=section&id=Operating%20Statements) For the first quarter of 2024, Acadia reported total revenues of **$91.4 million** and a net income attributable to the company of **$3.3 million**, reflecting rental income as the primary source offset by significant expenses [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) In the first quarter ended March 31, 2024, Acadia generated **$91.4 million** in total revenues, primarily from rental income (**$86.0 million**), resulting in a net income attributable to Acadia of **$3.3 million** after total expenses of **$76.2 million** Q1 2024 Consolidated Statement of Operations (in thousands) | Metric | Quarter Ended March 31, 2024 | | :--- | :--- | | Total Revenues | $91,356 | | Total Expenses | $76,150 | | Operating Income | $14,008 | | Net Loss | $(6,857) | | **Net Income Attributable to Acadia** | **$3,269** | [Statements of Operations – Pro-Rata Adjustments](index=7&type=section&id=Statements%20of%20Operations%20%E2%80%93%20Pro-Rata%20Adjustments) Pro-rata adjustments for Q1 2024 show a net income attributable to Acadia of **$10.1 million** from consolidated noncontrolling interests and a net loss of **$0.3 million** from unconsolidated interests, reflecting the removal and addition of respective shares Q1 2024 Pro-Rata Adjustments Summary (in thousands) | Category | Noncontrolling Interest in Consolidated Subsidiaries | Company's Interest in Unconsolidated Subsidiaries | | :--- | :--- | :--- | | Total Revenues Adjustment | $(37,171) | $18,882 | | Total Expenses Adjustment | $(12,842) | $6,427 | | **Net Income (Loss) Attributable to Acadia** | **$10,126** | **$(312)** | [Balance Sheet](index=8&type=section&id=Balance%20Sheet) As of March 31, 2024, Acadia's consolidated balance sheet reported total assets of **$4.27 billion**, total liabilities of **$2.0 billion**, and total Acadia shareholders' equity of **$1.76 billion** [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2024, the company's consolidated balance sheet reported total assets of **$4.27 billion**, with net investments in real estate comprising **$3.60 billion**, total liabilities of **$2.0 billion**, and total Acadia shareholders' equity of **$1.76 billion** Consolidated Balance Sheet Summary as of March 31, 2024 (in thousands) | Category | Amount | | :--- | :--- | | Net investments in real estate | $3,596,289 | | **Total Assets** | **$4,271,782** | | Total Liabilities | $2,000,251 | | Total Acadia Shareholders' Equity | $1,760,900 | | **Total Liabilities, Redeemable Noncontrolling Interests, and Equity** | **$4,271,782** | [Balance Sheet – Pro-rata Adjustments](index=9&type=section&id=Balance%20Sheet%20%E2%80%93%20Pro-rata%20Adjustments) Pro-rata adjustments to the balance sheet as of March 31, 2024, resulted in a reduction of **$1.05 billion** in assets and **$0.66 billion** in liabilities related to noncontrolling interests, and an addition of **$213.5 million** in both assets and liabilities for the company's share of unconsolidated subsidiaries Pro-Rata Balance Sheet Adjustments as of March 31, 2024 (in thousands) | Category | Noncontrolling Interest in Consolidated Subsidiaries | Company's Interest in Unconsolidated Subsidiaries | | :--- | :--- | :--- | | Total Assets Adjustment | $(1,047,127) | $213,548 | | Total Liabilities Adjustment | $(659,000) | $213,548 | [Funds from Operations (FFO), FFO Before Special Items, Adjusted Funds from Operations (AFFO)](index=11&type=section&id=Funds%20from%20Operations%20(FFO)%2C%20FFO%20Before%20Special%20Items%2C%20Adjusted%20Funds%20from%20Operations%20(AFFO)) For Q1 2024, Acadia reported diluted FFO of **$0.28 per share**, FFO before Special Items of **$0.33 per share**, and Adjusted Funds from Operations (AFFO) of **$37.3 million**, reflecting a slight increase in AFFO year-over-year FFO and AFFO Performance (in thousands, except per share amounts) | Metric | Quarter Ended March 31, 2024 | Quarter Ended March 31, 2023 | | :--- | :--- | :--- | | FFO to Common Shareholders - Diluted | $30,957 | $40,721 | | FFO before Special Items | $36,966 | $40,655 | | AFFO to Common Shareholders | $37,265 | $36,274 | | Diluted FFO per Share | $0.28 | $0.40 | | FFO before Special Items per Share | $0.33 | $0.40 | [EBITDA](index=12&type=section&id=EBITDA) In Q1 2024, total EBITDA was **$51.9 million**, down from **$56.9 million** in Q1 2023, with the Core Portfolio contributing **$44.3 million** and Funds contributing **$7.6 million**, while Adjusted EBITDA totaled **$55.8 million** EBITDA Summary (in thousands) | Category | Quarter Ended March 31, 2024 | Quarter Ended March 31, 2023 | | :--- | :--- | :--- | | Core Portfolio EBITDA | $44,310 | $38,240 | | Funds EBITDA | $7,572 | $18,615 | | **Total EBITDA** | **$51,882** | **$56,855** | | **Adjusted EBITDA** | **$55,820** | **$60,631** | [Same Property Net Operating Income](index=13&type=section&id=Same%20Property%20Net%20Operating%20Income) For Q1 2024, Acadia's Core Portfolio Same Property Net Operating Income (NOI) increased by **5.7%** year-over-year to **$32.0 million**, driven by a **5.4%** increase in total revenue, with physical occupancy at **91.8%** and leased occupancy at **94.4%** Core Portfolio Same Property Performance (YoY Change) | Metric | Quarter Ended March 31, 2024 | Change vs. Q1 2023 | | :--- | :--- | :--- | | Same Property NOI | $32,028 thousand | 5.7% | | Total Revenue | $46,143 thousand | 5.4% | | Physical Occupancy | 91.8% | (1.0%) | | Leased Occupancy | 94.4% | (0.2%) | [Fee Income](index=14&type=section&id=Fee%20Income) In Q1 2024, Acadia generated a total of **$4.9 million** in pro-rata fee income from its funds, primarily from Fund V (**$3.4 million**) and Fund IV (**$1.1 million**) through asset, property management, and transactional fees Fee Income by Fund - Q1 2024 (in thousands) | Fund | Total Fees (Pro-Rata) | | :--- | :--- | | Fund II | $194 | | Fund III | $36 | | Fund IV | $1,148 | | Fund V | $3,351 | | Other | $209 | | **Total** | **$4,938** | [Structured Financing](index=15&type=section&id=Structured%20Financing) As of March 31, 2024, Acadia's structured financing portfolio had a total ending balance of **$227.0 million** in notes receivable with an effective interest rate of **10.03%**, including one core note of **$17.8 million** in default Structured Financing Portfolio as of March 31, 2024 (in thousands) | Investment Type | Ending Principal Balance | Ending Accrued Interest | Total Ending Balance | | :--- | :--- | :--- | :--- | | First mortgage notes | $59,801 | $3,809 | $63,610 | | Other notes | $127,233 | $36,165 | $163,398 | | **Total Core notes receivable** | **$187,034** | **$39,974** | **$227,008** | - A Core note with a principal of **$17.8 million** and accrued interest of **$3.8 million** was in default as of March 31, 2024[38](index=38&type=chunk) [Transactional Activity](index=16&type=section&id=Transactional%20Activity) Subsequent to the quarter's end, on April 3, 2024, Fund IV completed the disposition of the Fillmore properties in San Francisco for a total transaction amount of **$14.1 million**, with Acadia's share being **$2.9 million** Post-Quarter Disposition Activity (in thousands) | Property Name | Date | Transaction Amount | Acadia Share | | :--- | :--- | :--- | :--- | | 2207 & 2208-2216 Fillmore | April 3, 2024 | $14,060 | $2,926 | [2024 Guidance](index=17&type=section&id=2024%20Guidance) The company reaffirmed its 2024 guidance for FFO Before Special Items, maintaining the range of **$1.24 to $1.32 per share**, while adjusting NAREIT FFO per share to **$1.09-$1.15** to account for a Q1 net unrealized holding loss 2024 Full Year Guidance (per share) | Metric | As of 3/31/2024 | As of 12/31/2023 | | :--- | :--- | :--- | | Net earnings per share | $0.07 - $0.13 | $0.09 - $0.15 | | NAREIT FFO per share | $1.09 - $1.15 | $1.11 - $1.17 | | **FFO Before Special Items per share** | **$1.24 - $1.32** | **$1.24 - $1.32** | - Guidance for FFO Before Special Items remains unchanged, indicating stable expectations for core operating performance[45](index=45&type=chunk) [Net Asset Valuation Information](index=18&type=section&id=Net%20Asset%20Valuation%20Information) As of Q1 2024, the total pro-rata Net Operating Income (NOI) for Acadia's portfolio was **$41.9 million**, with the Core portfolio contributing **$36.0 million**, and total pro-rata debt across the Core and Fund portfolios standing at approximately **$1.33 billion** Pro-Rata NAV Information - Q1 2024 (in thousands) | Category | CORE | FUND V | Total | | :--- | :--- | :--- | :--- | | Net Operating Income | $35,954 | $5,007 | $41,941 | | Debt (Pro-Rata) | $1,050,689 | $151,971 | $1,328,651 | [Selected Financial Ratios](index=19&type=section&id=Selected%20Financial%20Ratios) As of March 31, 2024, Acadia's Core Portfolio Fixed-Charge Coverage Ratio was **3.7x**, total Debt to Market Capitalization was **42%**, and the Debt to EBITDA ratio for Core and Funds combined was **6.6x**, with an AFFO payout ratio of **54%** Key Financial Ratios as of March 31, 2024 | Ratio | Core Portfolio | Core and Funds | | :--- | :--- | :--- | | Fixed-Charge Coverage Ratio | 3.7x | 3.1x | | Debt/EBITDA | 5.6x | 6.6x | | Net Debt/EBITDA | 5.5x | 6.6x | Payout Ratios - Q1 2024 | Ratio | Percentage | | :--- | :--- | | FFO Payout Ratio | 65% | | AFFO Payout Ratio | 54% | | FFO Before Special Items Payout Ratio | 54% | [Debt Analysis](index=23&type=section&id=Debt%20Analysis) Acadia's total pro-rata debt was approximately **$1.33 billion** as of March 31, 2024, with a weighted average interest rate of **4.7%** and a weighted average maturity of **2.4 years**, split between the Core Portfolio (**$1.05 billion**) and the Funds (**$278 million**) [Portfolio Debt – Summary](index=23&type=section&id=Portfolio%20Debt%20%E2%80%93%20Summary) As of March 31, 2024, Acadia's total pro-rata debt was **$1.33 billion**, with the Core Portfolio accounting for **$1.05 billion** at a **4.3%** weighted average interest rate and the Funds holding **$278 million** at a **6.3%** rate, with **93%** of total debt being fixed-rate Pro-Rata Debt Summary (in thousands) | Portfolio | Principal Balance | WA Interest Rate | WA Years to Maturity | | :--- | :--- | :--- | :--- | | Core Portfolio | $1,050,689 | 4.3% | 2.7 | | Funds | $277,962 | 6.3% | 1.7 | | **Total** | **$1,328,651** | **4.7%** | **2.4** | [Portfolio Debt – Detail](index=24&type=section&id=Portfolio%20Debt%20%E2%80%93%20Detail) The detailed debt schedule outlines individual borrowings for both the Core Portfolio and Funds, with Core Portfolio debt including significant unsecured term loans and revolving credit facilities, while Funds' debt is primarily secured by individual properties - The Core Portfolio's debt includes significant unsecured term loans and revolving credit facilities, while the Funds' debt is primarily secured by individual properties[67](index=67&type=chunk)[69](index=69&type=chunk) [Future Debt Maturities](index=26&type=section&id=Future%20Debt%20Maturities) Based on contractual maturities, Acadia has significant debt maturing in 2025 (**$177 million** for Core, **$143 million** for Funds) and 2026 (**$461 million** for Core), with extension options pushing major Core maturities to 2026 (**$548 million**) and 2027 (**$190 million**) Acadia's Pro-Rata Share of Contractual Debt Maturities (in thousands) | Year | Core Portfolio Total | Funds Total | | :--- | :--- | :--- | | 2024 (Remainder) | $43,453 | $64,051 | | 2025 | $176,925 | $142,696 | | 2026 | $461,070 | $13,880 | | 2027 | $203,340 | $31,877 | [Swap Interest Rate Summary](index=28&type=section&id=Swap%20Interest%20Rate%20Summary) Acadia utilizes interest rate swaps to manage variable interest rate exposure, with the Core Portfolio having a total notional balance of **$845.1 million** in swaps at a weighted average fixed rate of **2.76%**, and the Funds having **$163.2 million** in swaps at **2.98%** Pro-Rata Swap Summary (Notional Balance in thousands) | Portfolio | Total Notional Balance | Weighted Average Fixed Rate on Swap | | :--- | :--- | :--- | | Core Portfolio | $845,087 | 2.76% | | Funds | $163,164 | 2.98% | [Core Portfolio Information](index=29&type=section&id=Section%20III%20%E2%80%93%20Core%20Portfolio%20Information) [Core Properties](index=29&type=section&id=Core%20Properties) The Core Portfolio consists of **5.4 million square feet** of Gross Leasable Area (GLA) with an in-place occupancy of **91.6%** and a leased occupancy of **94.3%**, generating a total Annualized Base Rent (ABR) of **$156.7 million** Core Portfolio Summary | Category | Total GLA | In Place Occupancy | Leased Occupancy | Total ABR (in millions) | | :--- | :--- | :--- | :--- | :--- | | Street and Urban Retail | 1,475,475 | 87.6% | 90.6% | $92.1 | | Suburban Properties | 3,910,343 | 93.1% | 95.7% | $64.7 | | **Total Core Properties** | **5,385,818** | **91.6%** | **94.3%** | **$156.7** | [Core Top Tenants](index=33&type=section&id=Core%20Top%20Tenants) The top 20 tenants in the Core Portfolio account for **31.5%** of total Annualized Base Rent (ABR) and **28.8%** of total Gross Leasable Area (GLA), with Target being the largest tenant contributing **5.5%** of total ABR Top 5 Core Portfolio Tenants by ABR | Tenant | Percentage of Total ABR | Percentage of Total GLA | | :--- | :--- | :--- | | Target | 5.5% | 6.9% | | Royal Ahold | 2.3% | 2.6% | | TJX Companies | 2.0% | 4.3% | | Walgreens | 1.9% | 1.2% | | PetSmart, Inc. | 1.8% | 1.3% | [Core Lease Expirations](index=34&type=section&id=Core%20Lease%20Expirations) On a pro-rata basis, **12.2%** of the Core Portfolio's GLA is set to expire in the remainder of 2024, representing **8.0%** of ABR, with a significant portion of **13.4%** of GLA (**15.1%** of ABR) expiring in 2025 Total Core Portfolio Lease Expirations (Pro-Rata) | Year | % of Total GLA Expiring | % of Total ABR Expiring | | :--- | :--- | :--- | | 2024 (Remainder) | 12.2% | 8.0% | | 2025 | 13.4% | 15.1% | | 2026 | 14.3% | 13.2% | | 2027 | 7.4% | 8.6% | | 2028 | 19.1% | 17.4% | [Core New and Renewal Rent Spreads](index=35&type=section&id=Core%20New%20and%20Renewal%20Rent%20Spreads) In Q1 2024, Acadia achieved positive rent spreads on **187,851 square feet** leased, with a **10.7%** increase in base rent on a GAAP basis and a **5.2%** increase on a cash basis, driven by strong new lease growth of **33.9%** GAAP spread Q1 2024 Leasing Spreads | Lease Type | Percentage Growth in Base Rent (GAAP) | Percentage Growth in Base Rent (Cash) | | :--- | :--- | :--- | | New Leases | 33.9% | 15.7% | | Renewal Leases | 10.1% | 5.0% | | **Total New and Renewal** | **10.7%** | **5.2%** | [Core Capital Expenditures](index=36&type=section&id=Core%20Capital%20Expenditures) For the first quarter of 2024, total capital expenditures for the Core Portfolio amounted to **$3.4 million**, including **$0.6 million** for leasing commissions, **$1.2 million** for tenant improvements, and **$1.6 million** for maintenance capital expenditures Q1 2024 Capital Expenditures (in thousands) | Category | March 31, 2024 | | :--- | :--- | | Leasing Commissions | $560 | | Tenant Improvements | $1,212 | | Maintenance Capital Expenditures | $1,640 | | **Total Capital Expenditures** | **$3,412** | [Fund Information](index=37&type=section&id=Section%20IV%20%E2%80%93%20Fund%20Information) [Fund Overview](index=37&type=section&id=Fund%20Overview) Acadia manages five opportunistic/value-add funds totaling over **$2.1 billion**, with Funds IV and V having unfunded commitments of **$24.0 million** and **$60.4 million** respectively for existing projects and new investments, and none currently in a promote position Fund Key Metrics (in millions) | Metric | Fund II | Fund III | Fund IV | Fund V | | :--- | :--- | :--- | :--- | :--- | | Fund Size | $472.0 | $502.5 | $540.6 | $520.0 | | Acadia's Pro-Rata Share | 61.7% | 24.5% | 23.1% | 20.1% | | Preferred Return | 8.0% | 6.0% | 6.0% | 6.0% | | Unfunded Commitment | $0.0 | $1.9 | $24.0 | $60.4 | - The company earns various fees from the funds, including asset management, property management (**4.0%** of gross revenues), leasing, and development fees (**3.0%** of project costs for Funds III, IV & V)[107](index=107&type=chunk) [Fund Properties](index=39&type=section&id=Fund%20Properties) The combined fund portfolios comprise nearly **9.0 million square feet** of GLA with a leased occupancy of **93.6%**, with Fund V being the largest at **7.8 million sq. ft.** and a **94.3%** leased rate, and Fund II's sole remaining asset, City Point, at **85.4%** leased Total Fund Properties Summary | Fund | Total GLA | Leased Occupancy | Annualized Base Rent (ABR) (in thousands) | | :--- | :--- | :--- | :--- | | Fund II | 538,097 | 85.4% | $18,076 | | Fund III | 4,637 | 77.6% | $851 | | Fund IV | 686,023 | 91.9% | $16,389 | | Fund V | 7,757,907 | 94.3% | $111,727 | | **Total** | **8,986,664** | **93.6%** | **$147,044** | [Fund Lease Expirations](index=42&type=section&id=Fund%20Lease%20Expirations) The fund portfolios have significant lease expirations in 2025, particularly within Fund V, where **27.4%** of GLA (**25.3%** of ABR) is scheduled to expire, while Fund IV has **13.6%** of its GLA expiring in the remainder of 2024 Fund Lease Expirations by ABR (Pro-Rata) | Year | Fund II (% of ABR) | Fund IV (% of ABR) | Fund V (% of ABR) | | :--- | :--- | :--- | :--- | | 2024 (Remainder) | 0.0% | 12.0% | 0.0% | | 2025 | 1.6% | 14.7% | 25.3% | | 2026 | 0.0% | 7.7% | 10.7% | [Development and Redevelopment Activity](index=43&type=section&id=Development%20and%20Redevelopment%20Activity) Acadia's development and redevelopment pipeline has total pro-rata costs to date of **$753.8 million**, with an estimated future spend of **$23.8 million to $40.2 million**, primarily driven by Core portfolio projects like City Center and 555 9th Street in San Francisco Development and Redevelopment Pipeline (Acadia's Pro-rata Share, in millions) | Portfolio | Total Costs to Date | Estimated Future Range | | :--- | :--- | :--- | | Core Development & Redevelopment | $718.9 | $23.8 - $40.2 | | Funds Development & Redevelopment | $34.9 | TBD | | **Total** | **$753.8** | **$23.8 - $40.2** | [Other Information](index=44&type=section&id=Section%20V%20%E2%80%93%20Other%20Information) [Important Notes](index=44&type=section&id=Important%20Notes) This section contains important disclosures regarding forward-looking statements and the use of non-GAAP financial measures, defining FFO, AFFO, FFO Before Special Items, EBITDA, and NOI, while cautioning that these metrics may not be comparable to those of other REITs - The report contains forward-looking statements that are subject to risks and uncertainties[124](index=124&type=chunk) - FFO is defined per NAREIT standards, excluding gains/losses from property sales and depreciation, but including unrealized gains/losses on investments like Albertsons[125](index=125&type=chunk) - AFFO adjusts FFO for items like straight-line rent, stock-based compensation, and capital expenditures[126](index=126&type=chunk) - EBITDA is calculated as net income plus interest, taxes, depreciation, and amortization, less gains/losses on property sales[129](index=129&type=chunk)

Investors are always looking for stocks that are poised to beat at earnings season and Acadia Realty Trust (AKR) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Acadia Realty Trustis seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pre ...

Core Viewpoint - Acadia Realty Trust (AKR) is focusing on street retail, with a unique position in the retail REIT space, aiming for growth through its core portfolio and co-investment funds [2][3] Portfolio and Occupancy - AKR operates 139 properties with a total gross leasable area of 5.4 million square feet, achieving 93% occupancy and 95% leased status by the end of Q4 2023 [2] - The Funds co-invest with institutional investors, owning 50 properties across approximately 9 million square feet, with an occupancy rate of 89.6% and 92.4% leased [2][5] Financial Performance - In Q4 2023, AKR reported revenue of $85.51 million, a 6.1% increase year-over-year, exceeding consensus estimates by $8.15 million [4] - The fourth-quarter FFO was $0.28 per share, up $0.01 from the previous year, providing 156% coverage for the dividend [3][6] - Same-property net operating income (NOI) grew by 4.2% in Q4 and 5.8% for the full year 2023, with street retail portfolio NOI growth at 10% [4] Dividend and Growth Outlook - AKR declared a quarterly cash dividend of $0.18 per share, unchanged sequentially, resulting in a 4.2% dividend yield, though still 38% below pre-pandemic levels [3][6] - The REIT expects multi-year annual NOI growth exceeding 10%, driven by rent spreads ranging from 10% to 50% [5] - Projected FFO for fiscal 2024 is $1.28, indicating a 5% growth year-over-year, with same-property NOI growth expected between 5% to 6% [6] Market Position and Future Expectations - AKR is currently trading at a 6% premium to book value, with a distinctive portfolio poised for double-digit NOI growth in the coming years [4][8] - The market anticipates that the Federal Reserve will maintain high interest rates throughout 2024, impacting potential near-term returns for AKR [8] - Despite a lower dividend yield compared to larger retail REITs, AKR's focus on street retail is expected to support continued recovery of dividends that have been stalled since early 2022 [8]

RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced that its Board of Trustees has declared a cash dividend of $0.18 per common share for the quarter ended March 31, 2024. The quarterly dividend is payable on April 15, 2024 to holders of record as of March 28, 2024. About Acadia Acadia Realty Trust is an equity real estate investment trust (“REIT”) focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platfo ...