Core Viewpoint - Acadia Realty Trust announced the pricing of an underwritten offering of 6,900,000 common shares at a price of $16.75 per share, with the offering expected to close on January 11, 2024, subject to customary closing conditions [1]. Summary by Sections Offering Details - The offering includes an underwriters' option to purchase an additional 900,000 shares [1]. - The net proceeds from the offering will be used for general corporate purposes, which may include funding future acquisitions, repaying outstanding indebtedness, and working capital [1]. Underwriters - J.P. Morgan and BofA Securities are serving as the underwriters for the offering [1]. Company Overview - Acadia Realty Trust is an equity real estate investment trust (REIT) focused on long-term profitable growth through its Core Portfolio and Fund operating platforms [4]. - The company aims to build a best-in-class core real estate portfolio and make profitable opportunistic and value-add investments through discretionary institutional funds while maintaining a strong balance sheet [4].

Financial Data and Key Metrics Changes - The company reported FFO of $0.27 per share for Q3 2023, with a year-over-year earnings growth of about 6% expected for the full year [32] - Same-store NOI growth was 5.8% for the quarter and 5.9% for the nine months, remaining on track to meet the upper end of the initial guidance of 5% to 6% for 2023 [33] Business Line Data and Key Metrics Changes - The leasing team signed over $8 million of new leases in the first nine months of 2023, expecting a total of $10 million to $11 million of ABR from new deals, representing a 20% increase over 2022 [21] - Significant cash spreads were achieved in New York City, with leases signed in Soho showing cash spreads of 45% and 95% [22] Market Data and Key Metrics Changes - The suburban portfolio continues to see quality top-line growth, with healthy competition for junior boxes [26] - Downtown Brooklyn's City Point is experiencing significant momentum, averaging over 600,000 visitors a month, with traffic increasing 16% year-over-year [27] Company Strategy and Development Direction - The company aims to achieve core NOI growth of $30 to $40 million over the next several years, driven by strong demand from retailers and a landlord-friendly supply-demand dynamic [20] - The company is focused on maintaining a disciplined approach to asset recycling and reducing exposure to markets like Chicago when appropriate [44] Management's Comments on Operating Environment and Future Outlook - Management noted that while macroeconomic concerns exist, consumer resilience remains strong, and tenant demand is not yet showing signs of reduction [13] - The company is well-positioned with nearly $900 million of interest rate hedges, insulating its balance sheet from interest rate fluctuations [40] Other Important Information - The company has a signed but not yet open pipeline of $8.3 million of ABR, with expectations for approximately 15% to commence in Q4 2023 [39] - The balance sheet goals are on track, with a target to reduce core debt to EBITDA in the mid to low 6s within the next 18 months [41] Q&A Session Summary Question: Thoughts on balance sheet initiatives and potential asset recycling - Management indicated that reducing exposure to markets like Chicago is logical on a disciplined basis, while balance sheet initiatives will be pursued in an earnings-neutral manner [44][45] Question: Update on San Francisco neighborhood centers - Management provided an update on Whole Foods' progress in City Center, noting increased community support for their opening [47] Question: Steps required for City Point to be part of the same-store pool - Management clarified that stabilization of the asset is key before it can be included in the same-store metrics [50] Question: Recurring quarterly FFO run rate expectations - Management suggested that the run rate of $0.30 to $0.34 is expected to be stable throughout the year, with no significant fluctuations anticipated [52] Question: Percentage of signed but not occupied leases that are high-value street rents - Management estimated that over 75% of the $8.3 million signed but not occupied leases are high-value street rents [57]

Financial Performance - Total revenues for the three months ended September 30, 2023, were $81.392 million, a 1.8% increase from $79.946 million in the same period of 2022[19] - Rental income for the nine months ended September 30, 2023, was $248.839 million, compared to $238.479 million for the same period in 2022, reflecting a 4.4% increase[19] - Operating income for the three months ended September 30, 2023, was $6.691 million, compared to a loss of $13.953 million in the same period of 2022[19] - Net loss attributable to Acadia shareholders for the three months ended September 30, 2023, was $1.426 million, a significant improvement from a loss of $55.891 million in the same period of 2022[19] - Net loss for the three months ended September 30, 2023, was $16,268 thousand, compared to a loss of $89,545 thousand in the same period of 2022[21] - Comprehensive income attributable to Acadia shareholders for the three months ended September 30, 2023, was $14,279 thousand, an improvement from a loss of $17,447 thousand in the prior year[21] - Comprehensive income (loss) for the nine months ended September 30, 2023, was $29,227 thousand, compared to $46,404 thousand in the same period of 2022[21] - Net income for the nine months ended September 30, 2023, was $8.486 million, a significant improvement from a net loss of $61.273 million in the same period of 2022[24] - Total revenues for the nine months ended September 30, 2023, increased to $253.179 million, up from $245.712 million for the same period in 2022, representing a growth of 3.0%[140] - Net income attributable to Acadia for the nine months ended September 30, 2023, was $21.210 million, compared to a net loss of $39.427 million for the same period in 2022, indicating a significant turnaround[140] Assets and Liabilities - Total assets as of September 30, 2023, were $4.280 billion, slightly down from $4.303 billion as of December 31, 2022[17] - Total liabilities as of September 30, 2023, were $2.101 billion, an increase from $2.054 billion as of December 31, 2022[17] - Total equity for Acadia shareholders increased to $1,685,228 thousand as of September 30, 2023, from $1,692,612 thousand a year earlier[22] - Total equity as of September 30, 2023, was $2.124 billion, up from $2.181 billion at the beginning of the year, indicating a slight decrease[23] - Total assets of unconsolidated affiliates increased to $853.9 million as of September 30, 2023, from $795.4 million as of December 31, 2022, representing a growth of 7.3%[66] - The company's share of accumulated equity in unconsolidated affiliates decreased to $115.4 million as of September 30, 2023, from $131.9 million as of December 31, 2022[66] Cash Flow and Investments - Cash and cash equivalents increased to $19.312 million as of September 30, 2023, from $17.158 million as of December 31, 2022[17] - Total cash provided by operating activities increased to $115.167 million in 2023, compared to $100.478 million in 2022, reflecting a growth of approximately 14.7%[24] - Cash used in investing activities was $90.071 million in 2023, compared to $144.949 million in 2022, showing a decrease of approximately 37.9%[24] - Proceeds from unsecured debt in 2023 were $158.889 million, a decrease from $823.262 million in 2022, reflecting a shift in financing strategy[24] - The Company acquired a retail property in Tampa, FL, for $49.374 million on July 3, 2023, as part of its Fund V 2023 Acquisition[45] - The total cash distributions declared for the periods ending October 13, 2023, and October 14, 2022, were $18.372 million and $18.244 million, respectively, showing a slight increase of 0.7%[27] Debt and Financing - Total debt as of September 30, 2023, is $1,832.3 million, an increase from $1,805.4 million as of December 31, 2022, reflecting a growth of approximately 1.5%[72] - The Company has a total of $961.6 million in mortgages payable, up from $928.6 million in the previous year, indicating a year-over-year increase of about 3.5%[72] - The Company has a $700.0 million senior unsecured credit facility, with a current interest rate of SOFR + 1.50% for the Revolver and SOFR + 1.65% for the Term Loan[75] - The outstanding balance of the Term Loan was $400.0 million as of September 30, 2023, unchanged from the previous year[86] - The Company has entered into various swap agreements to fix interest costs on a portion of its Revolver and term loans[78] Operational Highlights - The company has three reportable segments: Core Portfolio, Funds, and Structured Financing, focusing on high-quality retail properties and co-investments with institutional investors[135] - The Company has ownership interests in 149 properties within its core portfolio, which are primarily located in densely populated metropolitan areas in the U.S.[30] - The Company has transitioned all variable rate loans to SOFR or another applicable benchmark index, aligning with recent accounting standards updates[42] - The Company has identified eight consolidated Variable Interest Entities (VIEs) as of September 30, 2023, with total VIE assets of $1,902.6 million[164] Shareholder Information - Dividends/distributions declared were $0.18 per Common Share/OP Unit, totaling $17,156 thousand for the three months ended September 30, 2023[22] - The Company declared distributions of $0.54 per Common OP Unit, totaling $4.0 million for the nine months ended September 30, 2023[117] - The share repurchase program has $122.5 million remaining available as of September 30, 2023, with no shares repurchased during the nine months ended September 30, 2023[112] Economic and Market Conditions - The company anticipates continued challenges due to macroeconomic conditions, including rising inflation and changes in interest rates, which may impact future performance[13] - The Company is facing risks related to macroeconomic conditions, including rising inflation and changes in interest rates, which could impact financial performance[13]

Acadia Realty Trust (NYSE:AKR) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Mackenzie Teper - IR Kenneth Bernstein - President and CEO Stuart Seeley - Senior Managing Director of Strategy and Public Markets John Gottfried - EVP and CFO Conference Call Participants Floris van Dijkum - Compass Point LLC Ki Bin Kim - Truist Todd Thomas - KeyBanc Capital Markets Lizzy Doykan - Bank of America Securities Craig Mailman - Citi Michael Mueller - JPMorgan Paulina Rojas-Schmidt - G ...

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, 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. Employ ...

Financial Data and Key Metrics Changes - The first quarter results showed a same-property NOI growth of 7%, exceeding expectations, and earnings were also above forecast [6][26] - FFO per share was reported at $0.40, with a full-year guidance increase to $1.19 to $1.26 from $1.17 to $1.20 [26][27] - Total NOI growth was approximately 6.5%, increasing to about $36.2 million in Q1 2023 compared to $34 million in Q1 2022 [32] Business Line Data and Key Metrics Changes - The Street portfolio, which comprises about half of the overall portfolio value, achieved an 8% same-store growth during the quarter, outperforming the initial projection of 6% to 7% [31] - The suburban portfolio maintained a stable occupancy rate of 94.5%, with average rents around $1,750 per square foot [20] Market Data and Key Metrics Changes - The recovery in key urban corridors is significant, with net effective market rents growing over 15% on average in specific areas like Soho, Williamsburg, and Melrose Place [10] - The company noted that tenant demand is outstripping supply, particularly in high-quality spaces, leading to a strong leasing pipeline [7][15] Company Strategy and Development Direction - The company aims for a multiyear internal growth goal of 5% to 10% annually, with a focus on high-quality, high-barrier-to-entry markets [6][21] - The strategy includes opportunistic asset sales and acquisitions, particularly in light of current market volatility [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism despite macroeconomic uncertainties, indicating that leasing fundamentals remain strong [17][27] - The company anticipates that leasing progress will compensate for any potential economic slowdown, projecting a net positive growth trajectory [7][17] Other Important Information - The company has successfully re-leased spaces previously occupied by Bed Bath & Beyond, with new tenants like Dick's Sporting Goods taking over [12][35] - The company has no significant core maturities over the next several years and can fund internal growth through cash flow generated from operations [38] Q&A Session Summary Question: Impact of Street portfolio occupancy on earnings - Management indicated that achieving 95% occupancy in the Street portfolio could contribute significantly to earnings growth, estimating over $30 million in total for the entire portfolio [41][42] Question: Opportunities in the market - Management discussed potential opportunities arising from regional bank issues and the fragmented ownership of street retail, suggesting a focus on both core and fund investments [45][46] Question: North Michigan Avenue mortgage maturity - Management confirmed that they have time to address the mortgage maturity and maintain a good relationship with the lender [50][51] Question: Chicago urban street retail forecast - Management expressed a balanced approach to Chicago exposure, acknowledging its challenges but also its potential [52][53] Question: Leasing activity in lagging submarkets - Management noted that some submarkets are beginning to show improvement, with new leases being signed and increased retailer interest [56][58]

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]