Acadia Realty Trust(US:AKR)2024-07-30 20:18Financial Performance - Total revenues for Q2 2024 were $87.254 million, a year-to-date total of $178.610 million[12] - Rental income for Q2 2024 was $85.626 million, contributing to a year-to-date total of $171.663 million[12] - Net income attributable to Acadia for Q2 2024 was $1.443 million, with a year-to-date net income of $4.712 million[12] - Total expenses for Q2 2024 were $70.222 million, resulting in an operating income of $17.789 million[12] - The company reported a net operating income from properties of $58.623 million for Q2 2024[15] - Total revenues for the quarter ended June 30, 2024, were $17.3 million, a decrease of 46.2% compared to the previous year, which reported $36.2 million[18] - Net operating income from properties was $11.2 million for the quarter, down from $23.6 million year-over-year, reflecting a decline of 52.6%[18] - Total expenses for the quarter were $6.1 million, a decrease of 49.1% from $12.6 million in the same quarter last year[18] - The net income attributable to Acadia for the quarter was $4.5 million, compared to a loss of $139,000 in the previous quarter[18] - Funds from operations (FFO) for the quarter ended June 30, 2024, were $28,489,000, a decrease of 25.5% from $38,221,000 in the same quarter of 2023[26] - Adjusted funds from operations (AFFO) for the quarter ended June 30, 2024, were $31,606,000, compared to $25,329,000 for the same period in 2023, representing an increase of 24.9%[26] - EBITDA for the quarter ended June 30, 2024, was $49,406,000, compared to $53,417,000 for the same period in 2023, indicating a decrease of 7.5%[30] - FFO per common share for the quarter ended June 30, 2024, was $0.25, down from $0.37 in the same quarter of 2023, a decline of 32.4%[26] Market Capitalization and Debt - The total market capitalization as of June 30, 2024, was $3.279 billion[8] - The company’s total debt capitalization was $1.302 billion, representing 40% of total market capitalization[8] - The company’s total assets as of June 30, 2024, amounted to $4.25 billion, with real estate assets valued at $3.55 billion[20] - Total liabilities were reported at $1.97 billion, with mortgage and other notes payable at $955.1 million[20] - The company’s total debt includes $1,027,498,000 in fixed-rate debt and $1,30,000,000 in variable-rate debt[64] - The company’s net debt as of June 30, 2024, was $1,263,821,000, compared to $1,320,824,000 in the previous quarter[57] - The company has a debt of $1,027,498 million on a pro-rata basis[52] - The company’s fixed-rate debt has an average interest rate of 4.4% and a weighted average maturity of 3.6 years[64] - Variable-rate debt accounts for 43% of total debt, with an average interest rate of 5.0%[64] Portfolio and Occupancy - Acadia Realty Trust's core portfolio includes high-quality retail properties in dynamic retail corridors, with ongoing investment management activities targeting opportunistic investments[3] - The total Gross Leasable Area (GLA) for the properties listed is 576,799 square feet, with an overall in-place occupancy rate of 83.5%[85] - The total Gross Leasable Area (GLA) across the portfolio is 34,327,090 square feet, with an average Base Rent (ABR) of $128.14 per square foot[87] - The occupancy rate for the properties is 100% for several key locations, including 4401 White Plains Road and Bartow Avenue, contributing to stable rental income[87] - The total Gross Leasable Area (GLA) for suburban properties is 3,906,516 square feet with an in-place occupancy rate of 95.9%[91] - The core portfolio's total GLA is 5,282,079 square feet with an occupancy rate of 84.5%[91] - The total annualized base rent across all properties indicates a strong rental income stream, supporting future growth and investment strategies[89] Investment Management and Funds - The company reported a total of $8.6 million in investment management fee income year-to-date, reflecting a decrease from the previous year[18] - Fund I has a total size of $90.0 million, while Fund II is $472.0 million, Fund III is $502.5 million, Fund IV is $540.6 million, and Fund V is $520.0 million, totaling $2,125.1 million across all funds[110] - Cumulative contributions across all funds amount to $2,059.7 million, with Fund I contributing $86.6 million and Fund II contributing $559.4 million[110] - Cumulative net distributions total $1,314.8 million, with Fund III leading at $603.5 million and Fund IV at $221.4 million[110] - The net distributions to contributions ratio for Fund II is 30.9%, while Fund III shows a significant 134.7%[110] - Acadia's pro-rata share in Fund II is 61.7%, reflecting a substantial increase in ownership from 40%[112] Development and Redevelopment - The company has incurred total costs of $711.3 million for core development and redevelopment activities, with an estimated future range of costs of $9 million to $78.1 million[127] - The major redevelopment project at City Center in San Francisco is estimated to involve 241,000 SF and has incurred costs of $155 million to date[127] - The pre-stabilized project City Point in Brooklyn, NY, is expected to be completed in 2026 with a total area of 536,198 SF[127] Financial Metrics and Definitions - The company defines Funds from Operations (FFO) as net income excluding gains or losses from property sales, depreciation, and amortization, which is widely accepted in the REIT community[129] - Adjusted Funds from Operations (AFFO) is defined as FFO adjusted for straight-line rent, non-real estate depreciation, and other costs, providing a clearer picture of operating performance[130] - The company emphasizes that FFO, AFFO, and related metrics may differ from those used by other REITs, and should not be considered alternatives to net income[132] - The Company utilizes non-GAAP financial measures such as EBITDA, NOI, and same-property NOI to assist investors in analyzing performance[133]