PART I - FINANCIAL INFORMATION [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 Q1 2022, showing significant growth in net income and assets [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets increased to **$4.50 billion**, driven by real estate investments, while total equity rose to **$2.41 billion** Consolidated Balance Sheet Highlights (in thousands of dollars) | Balance Sheet Item | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$4,496,181** | **$4,261,746** | | Net investments in real estate | $3,598,692 | $3,423,146 | | Cash and cash equivalents | $36,151 | $17,746 | | **Total Liabilities** | **$2,087,975** | **$2,111,811** | | Mortgage and other notes payable, net | $1,095,445 | $1,140,293 | | Unsecured line of credit | $194,405 | $112,905 | | **Total Equity** | **$2,408,206** | **$2,149,935** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Total revenues increased to **$81.5 million** in Q1 2022, with a **$28.8 million** gain on property dispositions driving net income to **$16.8 million** Consolidated Income Statement Highlights (in thousands of dollars, except per share amounts) | Income Statement Item | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 (As Restated) | | :--- | :--- | :--- | | Total Revenues | $81,507 | $68,187 | | Operating Income | $40,042 | $8,752 | | Gain on disposition of properties | $28,815 | $4,612 | | Net Income Attributable to Acadia | $16,838 | $4,817 | | Basic and Diluted EPS | $0.18 | $0.05 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$26.5 million**, while investing activities used **$150.1 million**, and financing activities provided **$144.0 million**, leading to a **$20.5 million** cash increase Consolidated Cash Flow Summary (in thousands of dollars) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 (As Restated) | | :--- | :--- | :--- | | Net cash provided by operating activities | $26,543 | $30,974 | | Net cash (used in) provided by investing activities | $(150,056) | $12,612 | | Net cash provided by (used in) financing activities | $143,980 | $(47,193) | | **Increase (decrease) in cash and restricted cash** | **$20,467** | **$(3,607)** | [Notes to Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes detail the company's REIT structure, significant Q1 2022 real estate acquisitions and dispositions, total debt of **$1.82 billion**, and subsequent strategic acquisitions - The company operates through three reportable segments: **Core Portfolio**, **Funds**, and **Structured Financing**[28](index=28&type=chunk) - In Q1 2022, the company acquired properties valued at **$220.7 million**, including assets in New York and California[46](index=46&type=chunk) - Property dispositions in Q1 2022 totaled **$113.1 million** in sales price, resulting in a gain of **$28.8 million**[54](index=54&type=chunk) - Subsequent to quarter-end, the company acquired the Henderson Portfolio in Dallas, Texas for approximately **$85.4 million**[186](index=186&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's **188-property** portfolio, Q1 2022 investments, and financial performance, highlighting increased net income, **9.7%** Same-Property NOI growth, and improved FFO per share - As of March 31, 2022, the company owns or has an interest in **188 properties** with a total operating GLA of **13.8 million square feet** and an occupancy of **88.5%**[190](index=190&type=chunk)[191](index=191&type=chunk) - During Q1 2022, the company made three new consolidated investments and two unconsolidated acquisitions totaling **$292.2 million**[194](index=194&type=chunk) Q1 2022 vs Q1 2021 Performance (in millions of dollars, except percentages and per share amounts) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Income Attributable to Acadia | $16.8M | $4.8M | | Same-Property NOI Growth (Core) | 9.7% | N/A | | Diluted FFO per Share | $0.36 | $0.26 | - The company sold **5.15 million Common Shares** through its At-the-Market (ATM) Program during Q1 2022, generating net proceeds of **$111.5 million**[200](index=200&type=chunk)[232](index=232&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 **$1.83 billion** debt, with **46.6%** being variable-rate, mitigated by swaps, and a **100 basis point** rate increase would raise annual interest expense by **$8.5 million** - The primary market risk exposure stems from changes in interest rates on the company's mortgage and other debt[246](index=246&type=chunk) Debt Composition as of March 31, 2022 (in millions of dollars) | Debt Type | Amount (in millions) | Percentage of Total | | :--- | :--- | :--- | | Fixed-Rate (incl. swaps) | $975.9 | 53.4% | | Variable-Rate | $850.3 | 46.6% | | **Total Debt** | **$1,826.3** | **100.0%** | - A **100 basis point** increase in interest rates would increase annual interest expense by approximately **$8.5 million** on the variable-rate debt portfolio[253](index=253&type=chunk) - The company's interest rate risk exposure increased, with variable-rate debt rising from **42.9%** of total debt at year-end 2021 to **46.6%** as of March 31, 2022[258](index=258&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2022, due to a **material weakness** in internal control over financial reporting, for which remediation is underway - The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of March 31, 2022[259](index=259&type=chunk) - The ineffectiveness stems from a previously reported **material weakness** related to an error in accounting for the consolidation of two Fund investments[260](index=260&type=chunk) - Management is actively remediating the material weakness by implementing additional controls and performing enhanced procedures[260](index=260&type=chunk)[261](index=261&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, which management does not expect to have a **material adverse effect** on its financial position - The company is party to various legal proceedings incidental to its ordinary course of business[264](index=264&type=chunk) - Management does not expect these proceedings to have a **material adverse effect** on the company's financial position[264](index=264&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 company's Annual Report on Form 10-K for 2021 - No material changes were reported to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021[265](index=265&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the current reporting period - Not applicable[265](index=265&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[267](index=267&type=chunk) - Interactive Data Files (XBRL documents) are also filed as exhibits[267](index=267&type=chunk)

Financial Data and Key Metrics Changes - The company reported first-quarter earnings of $0.33 per share, exceeding expectations, driven by strong internal growth of nearly 10% and accretion from approximately $380 million of core and fund investments [20][21] - Same-store NOI grew by 9.7%, attributed to improved credit conditions, occupancy increases, and positive cash spreads on new leases [23][24] - The company conservatively increased its full-year guidance, projecting year-over-year FFO growth in excess of 13% [23] Business Line Data and Key Metrics Changes - The street and urban portfolio saw a sequential occupancy growth of 100 basis points, contributing to improved tenant credit and cash collections [21][22] - The company achieved core collections exceeding 98% for the quarter, reflecting strong tenant performance [22] - The street leases are expected to outperform suburban assets by approximately 300 basis points, with embedded rental growth exceeding 15% on signed but not yet opened leases [26] Market Data and Key Metrics Changes - The company noted a significant reduction in vacancies in key markets, such as Green Street and Soho, where vacancies dropped from 14 to 1 [10] - The Dallas market, particularly the Henderson Avenue corridor, is highlighted as a must-have market for retailers due to positive demographic shifts [15][16] Company Strategy and Development Direction - The company is focused on acquiring assets in high barrier-to-entry markets where tenant performance is expected to drive market rents higher [12][13] - The strategy includes a combination of accretive growth and long-term value-add opportunities, with a focus on retail corridors that enhance the shopping experience [12][14] - The company aims to maintain a strong balance sheet with ample liquidity and minimal upcoming core debt maturities [20][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength of the job market and consumer spending, despite concerns about inflation and supply chain issues [6][8] - The recovery in physical retail is happening faster and stronger than expected, with many retailers reporting sales exceeding pre-COVID levels [11][56] - Management remains cautious but optimistic about the future, indicating that the current economic environment presents both challenges and opportunities [64][66] Other Important Information - The company has funded approximately $125 million of equity year-to-date, with various avenues to access capital for external growth [29] - The fund platform remains well-positioned, with a successful capital allocation strategy and ongoing discussions for Fund VI [32][35] Q&A Session Summary Question: Is there any change in updated guidance for core and fund investment activity? - Management confirmed that there were no updates to the individual detailed assumptions for investment activity [38] Question: Can you elaborate on the investment pipeline and any changes in investment hurdles? - Management indicated that the acquisition team remains active and expects to update on a quarterly basis, with a focus on opportunistic acquisitions [39][40] Question: What is the competition like for buyers of street retail assets? - Management noted that while there is competition, it is less intense compared to previous cycles, with many institutional investors focusing on defensive assets [51] Question: How are street retail tenants performing in terms of traffic and sales? - Management reported that retailers are experiencing positive sales growth, often exceeding pre-COVID levels, driven by a rebound in residential demand [56] Question: What is the expected investment opportunity in the Henderson corridor? - Management indicated that the investment could potentially double or triple, with a mix of redevelopment and incremental acquisitions [46][80]

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 ...

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 September 30, 2021 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 THEOD ...

Financial Data and Key Metrics Changes - The third quarter earnings per share were $0.27, exceeding expectations and landing in the upper end of the guided range of $0.25 to $0.27 [17] - Same-store NOI increased approximately 7%, driven by improving occupancy and a reduction in credit reserves [21] - Cash collections were over 97% of core billings during the quarter, with each 1% increase in collections equating to approximately $500,000 in earnings [19] Business Line Data and Key Metrics Changes - Year-to-date, the company signed over $11 million in leases, with a pipeline of $6.5 million, indicating strong leasing activity [10] - Positive lease spreads were achieved in key locations, with cash increases of approximately 11% and GAAP increases of 19% [21] - The company anticipates $25 million in internal core NOI growth by year-end 2024, resulting in over $150 million of core NOI [22] Market Data and Key Metrics Changes - Tenant sales performance has exceeded expectations, with some locations seeing sales in the $2,000 per foot range [20] - The company is observing a recovery in the debt and equity markets, which should enable competitive acquisition costs [13] - The company noted that urban markets like SoHo and Melrose Place are showing strong recovery, while Chicago and DC are slower to reopen [60][61] Company Strategy and Development Direction - The company is focusing on both internal growth through lease-up and external growth through on-balance sheet investing and fund acquisitions [9][12] - The strategy includes acquiring out-of-favor open-air retail at substantial discounts to replacement costs, targeting mid-teens yields [27] - The company is optimistic about achieving pre-COVID NOI levels by late 2022 or early 2023 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about internal growth, projecting 5% to 10% same-store NOI growth per year through 2024 [36] - The company is seeing a resurgence in tenant interest and sales performance, which is expected to drive rental growth [43] - Management acknowledged the potential impact of supply chain disruptions but noted that it has not materially affected operations thus far [68][69] Other Important Information - The company has not issued any equity since the last call, maintaining a strong balance sheet with ample liquidity [26] - The fund platform is well-positioned with a successful capital allocation strategy, focusing on grocery-anchored properties for future dispositions [30] - The company is preparing to refinance the City Point project, which has seen positive momentum with increased shopper traffic and tenant sales [31][32] Q&A Session Summary Question: Expectations for quarterly earnings excluding Albertsons' gains - Management confirmed that the growth from the leasing pipeline will offset move-outs, with growth expected to accelerate in the second half of 2022 [34][35] Question: Trends in leasing momentum across the portfolio - Management noted that tenant interest continues to grow, with sales performance exceeding expectations, particularly in street retail [42][43] Question: Same-store NOI and lease spreads - Management explained that the same-store NOI was solid at 7%, driven by strong fundamentals and a narrowing gap between cash and GAAP spreads [47][49] Question: Interest in the Nordstrom Rack space in San Francisco - Management indicated strong interest in the space, which has been consistent pre- and during COVID [72] Question: Increases in leasing costs per square foot - Management noted that increases in leasing costs were primarily seen in suburban deals, while street deals remained stable [73][74]

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 ...