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 March 31, 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. Emplo ...

Investment Strategy - Acadia Realty Trust focuses on acquiring and managing high-quality retail properties in densely populated metropolitan areas, with a strong emphasis on capital appreciation and cash distributions to shareholders [24]. - The company has launched five funds for opportunistic and value-add retail real estate investments, with the current fund being Acadia Strategic Opportunity Fund V LLC [28]. - The company’s growth strategy includes the acquisition and development of additional properties, which may face challenges in finding new properties and securing financing [114]. Financial Performance - In 2022, Acadia issued 5,525,419 Common Shares under its ATM Program, raising gross proceeds of $123.9 million, compared to 2,889,371 shares for $64.9 million in 2021 [33]. - The company maintains a share repurchase program with authorization to repurchase up to $200 million of outstanding Common Shares, with approximately $122.5 million remaining as of December 31, 2022 [32]. - The company reported a cumulative total shareholder return of $62.81 for its Common Shares from December 31, 2017, to December 31, 2022 [215]. Portfolio Overview - As of December 31, 2022, Acadia had two Fund and two Core Portfolio development projects and five Core Portfolio redevelopment projects underway [41]. - As of December 31, 2022, the Core Portfolio consisted of 143 operating properties totaling approximately 5.6 million square feet of gross leasable area (GLA), with an occupancy rate of 92.1% and a lease rate of 94.4% [185]. - The Funds owned and operated 49 properties totaling approximately 8.0 million square feet of GLA, with an occupancy rate of 88.9% and a lease rate of 92.5% as of December 31, 2022 [186]. Tenant and Revenue Concentration - The company has a concentration of 20 key tenants that collectively account for approximately 19.3% of its consolidated revenue, indicating a significant reliance on these tenants for income [85]. - The largest retail tenant, Target, accounted for 7.3% of total Core Portfolio GLA and 5.1% of total base rent as of December 31, 2022 [200]. - No individual property or tenant contributed more than 10% of total revenues for the years ended December 31, 2022, 2021, or 2020 [189]. Employee and Diversity Initiatives - Employee turnover rate for 2022 was approximately 23%, with a total of 115 employees as of December 31, 2022 [48]. - Diversity, equity, and inclusion are fundamental values for Acadia, with women representing 50% of employees and racially and ethnically diverse individuals making up 25% of the workforce [50]. - The company emphasizes diversity, equity, and inclusion (DEI) as fundamental values, with initiatives aimed at enhancing employee engagement and community involvement [69]. Environmental and Sustainability Efforts - The company is committed to reducing GHG emissions with a goal established for scope 1 and 2 emissions, aiming to mitigate the negative impacts of climate change [63]. - The company has implemented a comprehensive water management program that includes smart irrigation systems and technology to monitor water consumption, promoting sustainability [66]. - The company has achieved gold status as a 2022 Green Lease Leader, reflecting its commitment to sustainability through the use of "green" leases [67]. Risk Management - The company has established a robust Enterprise Risk Management plan to address critical risks, including those related to climate change and environmental impact [59]. - The company may face adverse effects on financial condition and cash flows due to the bankruptcy or downturn of major tenants, impacting rental revenues [87]. - The company is exposed to potential liability related to environmental matters, which could result in significant costs exceeding the value of the properties [119]. Debt and Interest Rate Exposure - As of December 31, 2022, the company's outstanding indebtedness was $1,805.4 million, with $364.6 million classified as variable-rate indebtedness [110]. - Approximately 79.8% of the company's outstanding debt has fixed or effectively fixed interest rates, exposing it to risks from potential increases in interest rates [112]. - A 100-basis-point increase in interest rates would raise interest expense on variable-rate debt by approximately $3.6 million annually [112]. Legal and Regulatory Compliance - The company is engaged in various legal proceedings but does not expect any material adverse effects on its consolidated financial position [208]. - The SEC proposed extensive rules for climate-related disclosures, which could impose new compliance costs and operational strains on the company [178]. - Compliance with REIT requirements may hinder the company's performance by forcing it to forego attractive investment opportunities [150]. Market Conditions and Economic Factors - Current economic conditions have resulted in high unemployment, rising inflation, and decreased consumer spending, negatively impacting retail tenants [158]. - Political and economic uncertainty may cause consumers to postpone discretionary spending, adversely affecting tenant business [160]. - Economic downturns may lead to tenant losses and impair the company's ability to borrow for property purchases or refinancing [156].

Financial Data and Key Metrics Changes - The company reported earnings of $0.28 per share, exceeding expectations, with same-store NOI growth of 5.4% for the quarter and 6.6% year-to-date, on track to exceed the initial guidance of 4% to 6% for the full year [18][19][26] - Cash collections remained strong at 98%, aligning with pre-pandemic levels, despite one Regal location's temporary rent payment issues due to Chapter 11 filing [24][25] Business Line Data and Key Metrics Changes - The street retail portfolio outperformed, with cash leasing spreads exceeding 20%, and specific locations like SoHo achieving cash spreads of 40% [6][21] - Sequential physical occupancy grew by 70 basis points, with leased occupancy increasing to 94.3% as of September 30, up from 94.1% in the previous quarter [20] Market Data and Key Metrics Changes - Strong demand was noted in key markets such as SoHo, Gold Coast of Chicago, and Melrose Place in LA, with luxury retailers showing increased commitment [8][9] - Retailer sales in certain corridors exceeded pre-COVID levels, with M Street in Georgetown reporting sales over 20% higher than before the pandemic [11] Company Strategy and Development Direction - The company plans to add $30 million to $40 million of NOI to its core portfolio over the next three to five years, focusing on aggressive leasing and internal growth [14][26] - The strategy includes self-funding capital needs and minimizing exposure to rising interest rates, with a focus on opportunistic asset sales to close the gap between private real estate values and stock price [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong leasing momentum despite macroeconomic headwinds, citing robust demand for space and the quality of locations [7][8] - The company anticipates 5% to 10% pro rata core NOI growth for 2023, excluding nonrecurring impacts from 2022 cash recoveries [27][28] Other Important Information - The company increased its 2022 guidance for FFO before special items to $1.28 to $1.30, reflecting a year-over-year growth of about 17% [26] - The company took a noncash GAAP impairment charge on three investments, primarily due to longer recovery times in specific submarkets [29][30] Q&A Session Summary Question: About the $30 million to $40 million of core NOI expected over the next three to five years - Management clarified that this figure does not include recent acquisitions or growth from City Point, with leasing expected to contribute significantly to this growth [43][44][47] Question: Conversations around long-term leases with retailers - Management noted that retailers are more inclined to lock in long-term leases now, especially in mission-critical locations, as they anticipate higher inflation and rent growth [50][51] Question: Financing fund investments and variable rate debt - Management indicated that financing strategies may change due to current market conditions, emphasizing flexibility in the fund business [54][55] Question: Update on Bed Bath & Beyond negotiations - Management described the situation as fluid, with ongoing negotiations to potentially rightsize the store, expressing cautious optimism about reaching a profitable conclusion [60][62] Question: Disconnect between asset values and stock price - Management acknowledged the disconnect, attributing it to market conditions and emphasizing the strength of their portfolio outside of underperforming areas [63][64][66]

Acadia Realty Trust (NYSE:AKR) Q2 2022 Results Earnings Conference Call August 8, 2022 12:00 PM ET Company Participants Jacob Bennett - Investor Relations Contact Kenneth Bernstein - President and Chief Executive Officer John Gottfried - Executive Vice President, Chief Financial Officer Amy Racanello - Senior Vice President, Capital Markets and Head of Asset Management Conference Call Participants Todd Thomas - KeyBanc Capital Markets, Inc. Ki Bin Kim - Truist Securities Craig Mailman - Citigroup Craig Sch ...

Acadia Realty Trust (NYSE:AKR) Q1 2022 Earnings Conference Call May 3, 2022 11:00 AM ET Company Participants Rielle Green - Director of ESG Ken Bernstein - President and CEO John Gottfried - CFO Amy Racanello - SVP, Capital Markets and Investments Conference Call Participants Todd Thomas - KeyBanc Capital Linda Tsai - Jefferies Michael Bilerman - Citi Craig Schmidt - Bank of America Merrill Lynch Mike Mueller - JPMorgan Paulina Rojas - Green Street Operator Ladies and gentlemen, thank you for standing by. ...

Acadia Realty Trust (NYSE:AKR) Q4 2021 Earnings Conference Call February 16, 2022 12:00 PM ET Company Participants Joe Rizzoli - Property Accountant Ken Bernstein - President and CEO John Gottfried - Senior Vice President and CFO Amy Racanello - Senior Vice President, Capital Markets and Investments Conference Call Participants Floris Van Dijkum - Compass Point Todd Thomas - KeyBanc Capital Linda Tsai - Jefferies Ki Bin Kim - Truist Katy McConnell - Citi Mike Mueller - JPMorgan Craig Schmidt - Bank of Ameri ...