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 ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2021 financial statements show a turnaround to profitability, driven by the absence of prior-year impairment charges, with total assets slightly decreasing and equity increasing [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were **$4.15 billion**, a slight decrease from **$4.19 billion** at December 31, 2020, with liabilities decreasing and equity increasing Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,153,682** | **$4,186,882** | | Net investments in real estate | $3,472,369 | $3,507,488 | | Cash and cash equivalents | $15,424 | $19,232 | | **Total Liabilities** | **$2,069,313** | **$2,138,329** | | Mortgage and other notes payable, net | $1,188,695 | $1,204,581 | | Unsecured line of credit | $105,400 | $138,400 | | **Total Equity** | **$2,084,369** | **$2,048,553** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2021, the company reported a net income of **$1.86 million**, a significant improvement from a **$60.04 million** net loss in Q1 2020, primarily due to the absence of impairment charges Q1 2021 vs Q1 2020 Statement of Operations (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Total Revenues | $69,394 | $71,420 | | Impairment Charges | $0 | $51,549 | | Operating Income (Loss) | $8,681 | $(46,343) | | Net Income (Loss) | $1,860 | $(60,039) | | Net Income (Loss) Attributable to Acadia | $5,162 | $(8,414) | | Basic and Diluted EPS | $0.06 | $(0.10) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$30.9 million** for Q1 2021, with investing activities providing **$11.5 million** and financing activities using **$45.2 million**, primarily for debt repayments Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $30,934 | $27,978 | | Net cash provided by (used in) investing activities | $11,492 | $(90,728) | | Net cash (used in) provided by financing activities | $(45,203) | $70,356 | | (Decrease) increase in cash and restricted cash | $(2,777) | $7,606 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, real estate transactions, debt, COVID-19 impact, and segment performance, providing context for its financial position - The company operates as a fully-integrated equity REIT with assets held through the Acadia Realty Limited Partnership (UPREIT structure) As of March 31, 2021, its portfolio consisted of 130 Core Portfolio properties and 56 properties within its four opportunity Funds[20](index=20&type=chunk)[21](index=21&type=chunk) - The company has three reportable operating segments: Core Portfolio, Funds, and Structured Financing[26](index=26&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20(MD%26A)) Management discusses the ongoing impact of COVID-19, a **$13.6 million** increase in net income attributable to Acadia, and the company's liquidity position, focusing on debt maturities and extension options [Overview and Significant Developments](index=42&type=section&id=Overview%20and%20Significant%20Developments) The company's portfolio comprises 186 properties, with Q1 2021 developments including a **$16.4 million** property sale and **$3.7 million** in COVID-19 related pro-rata charges - The company incurred pro-rata charges of **$3.7 million** in Q1 2021 due to the COVID-19 pandemic, compared to **$16.7 million** in the prior-year period These charges included credit loss, straight-line rent reserves, and abatements[174](index=174&type=chunk) - During Q1 2021, the company sold one Core Portfolio property for **$16.4 million**, recognizing a gain of **$4.6 million**[176](index=176&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Net income attributable to Acadia increased by **$13.6 million** year-over-year, driven by the absence of prior-year impairment charges in the Funds segment, despite a slight decline in total revenues Change in Net Income Attributable to Acadia by Segment (in millions) | Segment | Q1 2021 | Q1 2020 | Increase / (Decrease) | | :--- | :--- | :--- | :--- | | Core Portfolio | $7.5 | $5.7 | $1.8 | | Funds | $5.2 | $(8.4) | $13.6 | | Structured Financing (SF) | $1.7 | $2.4 | $(0.7) | | **Total** | **$5.2** | **$(8.4)** | **$13.6** | - The absence of the **$51.5 million** impairment charge recorded in Q1 2020 was the primary driver for the year-over-year improvement in the Funds segment's results[190](index=190&type=chunk) [Supplemental Financial Measures (NOI & FFO)](index=45&type=section&id=Supplemental%20Financial%20Measures%20(NOI%20%26%20FFO)) Core Portfolio Same-Property NOI decreased by **14.5%** in Q1 2021, while Diluted FFO per share was **$0.26**, down from **$0.30** in the prior-year period Core Portfolio Same-Property NOI (in thousands) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Same-Property NOI | $28,357 | $33,156 | | Percent change | (14.5)% | N/A | Funds from Operations (FFO) (in thousands, except per share) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | FFO attributable to Common Shareholders | $24,343 | $27,738 | | Diluted FFO per Share | $0.26 | $0.30 | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by various sources, with total consolidated debt at **$1.72 billion** and significant maturities in 2021 and 2022, partially mitigated by extension options - At March 31, 2021, the company's share of remaining capital commitments to its Funds aggregated **$76.3 million**[209](index=209&type=chunk) Consolidated Debt Summary (in thousands) | Debt Type | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Debt - Fixed and Effectively Fixed Rate | $1,102,250 | $1,143,152 | | Total Debt - Variable Rate | $618,493 | $626,902 | | **Total Indebtedness** | **$1,715,055** | **$1,763,839** | - Excluding extension options, **$360.6 million** of consolidated debt is maturing in the remainder of 2021, and **$535.6 million** is maturing in 2022 The company has options to extend **$260.5 million** and **$250.6 million** of this debt, respectively[214](index=214&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 **$1.72 billion** consolidated debt, with **35.9%** being variable-rate, where a 100 basis point LIBOR increase would raise annual interest expense by **$6.2 million** - As of March 31, 2021, **64.1%** (**$1.10 billion**) of the company's consolidated debt was fixed-rate or hedged, while **35.9%** (**$618.5 million**) was variable-rate[233](index=233&type=chunk) - A 100 basis point increase in LIBOR would increase annual interest expense on the variable-rate debt by **$6.2 million** After accounting for noncontrolling interests, the company's share of this increase would be **$1.7 million**[237](index=237&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to 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 March 31, 2021[245](index=245&type=chunk) - No material changes were made to the internal control over financial reporting during the most recently completed fiscal quarter[246](index=246&type=chunk) [PART II - OTHER INFORMATION](index=55&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not expect their outcomes to have a material adverse effect on its financial position - The company states that it does not expect any ongoing legal proceedings to have a material adverse effect on its consolidated financial position[248](index=248&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 2020 Annual Report on Form 10-K - No material changes were reported to the risk factors previously disclosed in the 2020 Annual Report on Form 10-K[249](index=249&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 23-2715194 (State or Other Jurisdiction of Incorporation or Organiz ...