ferrantraite/E+ via Getty ImagesIntroduction Acadia Realty Trust (NYSE:AKR) has significantly outperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering a ~28.5% total return against the mid-single-digit gain for the benchmark ETF: AKR vs VNQ in 2024 (Seeking Alpha)This has resulted in net debt only accounting for 35% of the company's enterprise value. Coupled with a small proportion of floating-rate debt relative to peers, the company will see little tailwinds from Fed rate c ...

Investors interested in Finance stocks should always be looking to find the best-performing companies in the group. Acadia Realty Trust (AKR) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Finance peers, we might be able to answer that question.Acadia Realty Trust is one of 860 companies in the Finance group. The Finance group currently sits ...

Acadia Realty Trust (NYSE:AKR) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET Company Participants Ethan Gomez - Acquisitions Intern Ken Bernstein - President & Chief Executive Officer A.J. Levine - Senior Vice President, Leasing & Development John Gottfried - Executive Vice President, Chief Financial Officer Conference Call Participants Andrew Reale - Bank of America Linda Tsai - Jefferies Todd Thomas - KeyBanc Craig Mailman - Citi Michael Mueller - JPMorgan Ki Bin Kim - Truist Paulina Rojas-Sc ...

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, 2024 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) 411 THEODORE F ...

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 ...

Financial Performance - Total revenues for Q2 2024 were $87.254 million, a year-to-date total of $178.610 million[12] - Rental income for Q2 2024 was $85.626 million, contributing to a year-to-date total of $171.663 million[12] - Net income attributable to Acadia for Q2 2024 was $1.443 million, with a year-to-date net income of $4.712 million[12] - Total expenses for Q2 2024 were $70.222 million, resulting in an operating income of $17.789 million[12] - The company reported a net operating income from properties of $58.623 million for Q2 2024[15] - Total revenues for the quarter ended June 30, 2024, were $17.3 million, a decrease of 46.2% compared to the previous year, which reported $36.2 million[18] - Net operating income from properties was $11.2 million for the quarter, down from $23.6 million year-over-year, reflecting a decline of 52.6%[18] - Total expenses for the quarter were $6.1 million, a decrease of 49.1% from $12.6 million in the same quarter last year[18] - The net income attributable to Acadia for the quarter was $4.5 million, compared to a loss of $139,000 in the previous quarter[18] - Funds from operations (FFO) for the quarter ended June 30, 2024, were $28,489,000, a decrease of 25.5% from $38,221,000 in the same quarter of 2023[26] - Adjusted funds from operations (AFFO) for the quarter ended June 30, 2024, were $31,606,000, compared to $25,329,000 for the same period in 2023, representing an increase of 24.9%[26] - EBITDA for the quarter ended June 30, 2024, was $49,406,000, compared to $53,417,000 for the same period in 2023, indicating a decrease of 7.5%[30] - FFO per common share for the quarter ended June 30, 2024, was $0.25, down from $0.37 in the same quarter of 2023, a decline of 32.4%[26] Market Capitalization and Debt - The total market capitalization as of June 30, 2024, was $3.279 billion[8] - The company’s total debt capitalization was $1.302 billion, representing 40% of total market capitalization[8] - The company’s total assets as of June 30, 2024, amounted to $4.25 billion, with real estate assets valued at $3.55 billion[20] - Total liabilities were reported at $1.97 billion, with mortgage and other notes payable at $955.1 million[20] - The company’s total debt includes $1,027,498,000 in fixed-rate debt and $1,30,000,000 in variable-rate debt[64] - The company’s net debt as of June 30, 2024, was $1,263,821,000, compared to $1,320,824,000 in the previous quarter[57] - The company has a debt of $1,027,498 million on a pro-rata basis[52] - The company’s fixed-rate debt has an average interest rate of 4.4% and a weighted average maturity of 3.6 years[64] - Variable-rate debt accounts for 43% of total debt, with an average interest rate of 5.0%[64] Portfolio and Occupancy - Acadia Realty Trust's core portfolio includes high-quality retail properties in dynamic retail corridors, with ongoing investment management activities targeting opportunistic investments[3] - The total Gross Leasable Area (GLA) for the properties listed is 576,799 square feet, with an overall in-place occupancy rate of 83.5%[85] - The total Gross Leasable Area (GLA) across the portfolio is 34,327,090 square feet, with an average Base Rent (ABR) of $128.14 per square foot[87] - The occupancy rate for the properties is 100% for several key locations, including 4401 White Plains Road and Bartow Avenue, contributing to stable rental income[87] - The total Gross Leasable Area (GLA) for suburban properties is 3,906,516 square feet with an in-place occupancy rate of 95.9%[91] - The core portfolio's total GLA is 5,282,079 square feet with an occupancy rate of 84.5%[91] - The total annualized base rent across all properties indicates a strong rental income stream, supporting future growth and investment strategies[89] Investment Management and Funds - The company reported a total of $8.6 million in investment management fee income year-to-date, reflecting a decrease from the previous year[18] - Fund I has a total size of $90.0 million, while Fund II is $472.0 million, Fund III is $502.5 million, Fund IV is $540.6 million, and Fund V is $520.0 million, totaling $2,125.1 million across all funds[110] - Cumulative contributions across all funds amount to $2,059.7 million, with Fund I contributing $86.6 million and Fund II contributing $559.4 million[110] - Cumulative net distributions total $1,314.8 million, with Fund III leading at $603.5 million and Fund IV at $221.4 million[110] - The net distributions to contributions ratio for Fund II is 30.9%, while Fund III shows a significant 134.7%[110] - Acadia's pro-rata share in Fund II is 61.7%, reflecting a substantial increase in ownership from 40%[112] Development and Redevelopment - The company has incurred total costs of $711.3 million for core development and redevelopment activities, with an estimated future range of costs of $9 million to $78.1 million[127] - The major redevelopment project at City Center in San Francisco is estimated to involve 241,000 SF and has incurred costs of $155 million to date[127] - The pre-stabilized project City Point in Brooklyn, NY, is expected to be completed in 2026 with a total area of 536,198 SF[127] Financial Metrics and Definitions - The company defines Funds from Operations (FFO) as net income excluding gains or losses from property sales, depreciation, and amortization, which is widely accepted in the REIT community[129] - Adjusted Funds from Operations (AFFO) is defined as FFO adjusted for straight-line rent, non-real estate depreciation, and other costs, providing a clearer picture of operating performance[130] - The company emphasizes that FFO, AFFO, and related metrics may differ from those used by other REITs, and should not be considered alternatives to net income[132] - The Company utilizes non-GAAP financial measures such as EBITDA, NOI, and same-property NOI to assist investors in analyzing performance[133]

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)