[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]

Core Insights - Acadia Realty Trust has declared a cash dividend of $0.18 per common share for the quarter ended March 31, 2024, payable on April 15, 2024, to shareholders of record as of March 28, 2024 [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, employing a disciplined, location-driven investment strategy [2] - The company aims to build a best-in-class core real estate portfolio with significant asset concentrations in dynamic corridors, while also making profitable opportunistic and value-add investments through discretionary institutional funds [2] - Acadia maintains a strong balance sheet to support its growth objectives [2]

RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced the date of the Company’s 2024 Annual Shareholder Meeting. Acadia’s Board of Trustees has set the meeting date for Thursday, May 2, 2024 at 1:00 PM, ET. As this will be conducted as a virtual meeting, shareholders will be able to attend, vote and submit questions via live webcast by visiting www.virtualshareholdermeeting.com/AKR24. Prior to the meeting, shareholders will be able to vote at www.proxyvote.c ...

Investment Strategy - The company aims to acquire and manage high-quality retail properties primarily in densely populated metropolitan areas to enhance shareholder returns [19]. - The company focuses on opportunistic acquisitions and value-add investments in street retail properties, particularly in established and emerging submarkets [19]. - The company’s investment strategy includes joint ventures with private equity investors to capitalize on opportunities in operating retailers with significant real estate value [19]. - The company’s investment strategy includes opportunistic acquisitions of well-located real estate anchored by distressed retailers [19]. - The company has capitalized on its expertise in retail real estate by establishing discretionary opportunity funds, which include investments in suburban shopping centers and urban retail assets [34]. Financial Performance - The company controls approximately 95% of the Operating Partnership, allowing it to share in cash distributions and profits [18]. - The company emphasizes maintaining a strong and flexible balance sheet through conservative financial practices to ensure access to capital for future growth [19]. - The company faces potential increases in borrowing costs due to rising interest rates and inflation, impacting its financial condition [11]. - The company may encounter challenges in renewing leases or re-letting properties on favorable terms, affecting rental revenues [10]. - The company maintains a share repurchase program authorizing up to $200 million, with approximately $122.5 million available for repurchase as of December 31, 2023 [26]. - During the year ended December 31, 2022, the company issued 5,525,419 Common Shares under its ATM Program for gross proceeds of $123.9 million [27]. - The company completed an underwritten offering of 6,900,000 Common Shares in January 2024 for net proceeds of $113 million [28]. Employee and Governance - As of December 31, 2023, the company had 117 employees, with a turnover rate of approximately 11% [43]. - Women represent 49% of the company's employees, 36% of management-level positions, and 25% of independent trustees on the board as of December 31, 2023 [45]. - The Board consists of eight independent trustees, with two female and one racially and ethnically diverse trustee as of December 31, 2023 [65]. - The company has adopted a Code of Business Conduct and Ethics applicable to all employees, ensuring high standards of integrity and transparency [71]. - The company is focused on enhancing its corporate governance structure based on best practices and investor feedback [66]. - The company has opted out of Board self-classification provisions and maintains a majority voting standard for trustees in uncontested elections [66]. - The company has been recognized as a Great Place to Work® for four consecutive years based on employee satisfaction surveys [47]. Sustainability Initiatives - The company has established a GHG emissions reduction goal for scope 1 and 2 emissions to mitigate climate change impacts [57]. - The company has invested in energy efficiency measures, including LED lighting and smart controls, to reduce GHG emissions from its properties [58]. - The company has implemented a water management program that focuses on monitoring and reducing common area water consumption, utilizing technology to track and analyze usage [59]. - A majority of properties have smart irrigation systems installed, which include features like rain sensors to optimize water usage [59]. - The company achieved gold status as a Green Lease Leader, promoting sustainability through green clauses in retail leases [60]. - Sustainability initiatives at corporate offices include energy reduction measures such as LED lighting and automatic occupancy sensors, contributing to reduced air pollution [61]. - The corporate headquarters has received the Outstanding Achievement in Land Use Award for sustainability efforts [61]. - The company engages in renewable energy projects, including solar panel arrays and electric vehicle charging stations [59]. - The company maintains an Enterprise Risk Management plan to address critical operational risks, including those related to climate change [53]. Community Engagement - The company supports employee volunteerism and community engagement through partnerships with local organizations [62]. - The company has signed the CEO Action for Diversity & Inclusion pledge and actively works on DEI initiatives [46].

Acadia Realty Trust (NYSE:AKR) Q4 2023 Results Conference Call February 14, 2024 11:00 AM ET Company Participants Jeff Winston - Senior Associate in Asset Management Ken Bernstein - President and CEO John Gottfried - Executive Vice President, Chief Financial Officer Stuart Seeley - Senior Managing Director of Strategy and Public Markets A.J. Levine - Senior Vice President, Leasing and Development Conference Call Participants Linda Tsai - Jefferies Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets F ...

Core Insights - Acadia Realty Trust has announced year-end promotions to support its growth strategy, highlighting the importance of leadership in driving investment and asset management initiatives [1][2][3] Leadership Promotions - Reggie Livingston has been promoted to Executive Vice President, Chief Investment Officer, responsible for developing investment strategies and leading new investments since joining in 2011 [1] - Samantha Stapleton has been promoted to Vice President, Asset Management, focusing on long-term asset management strategies and portfolio performance optimization, having joined as an intern in 2013 [2] - Christina Lamendola has been promoted to Vice President, Strategic Lease Management, overseeing tenant payment portal implementation and enhancing billing strategies, with a career progression since 2015 [3] 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, emphasizing a disciplined, location-driven investment strategy [4]

Douglas Cliff Acadia Realty Trust (NYSE:AKR), founded in 1993 and headquartered in Rye, NY, is a REIT that owns, develops, acquires, and manages retail properties in metropolitan and suburban markets across the country. This may be a conservatively leveraged company with adequate liquidity, but I don't believe a purchase would be justified right now. Aside from the fact that its operating performance hasn't been great in the past, the dividend doesn't seem safe and there is no margin of safety present from ...

Acadia Realty Trust (AKR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnings ...