Acadia Realty Trust(US:AKR)2024-10-28 20:01Financial Performance - Total revenues for the three months ended September 30, 2024, were $87,745,000, an increase of 7.4% compared to $81,392,000 for the same period in 2023[12] - Net income for the three months ended September 30, 2024, was $12,254,000, compared to a net loss of $16,268,000 for the same period in 2023[13] - Operating income increased significantly to $17,492,000 for the three months ended September 30, 2024, from $6,691,000 in the same period of 2023, representing a 161.5% increase[12] - Basic income per share for the three months ended September 30, 2024, was $0.07, compared to a loss of $0.02 per share for the same period in 2023[12] - Total expenses decreased to $70,253,000 for the three months ended September 30, 2024, from $74,701,000 in the same period of 2023, a reduction of 5.9%[12] - Comprehensive loss attributable to Acadia shareholders for the three months ended September 30, 2024, was $(21,956,000), compared to $14,279,000 for the same period in 2023[13] - Net income for the nine months ended September 30, 2024, was $6,979,000, a decrease from $8,486,000 in the same period of 2023, representing a decline of approximately 17.7%[17] - Total revenues for the nine months ended September 30, 2024, were $266,355 million, with investment management contributing $118,347 million[121] - Operating income for the same period was $49,289 million, reflecting a significant increase compared to previous periods[121] - Net income attributable to Acadia shareholders for the nine months ended September 30, 2024, was $13,126 million, showing resilience despite market challenges[121] Assets and Liabilities - Total assets as of September 30, 2024, were $4,276,323, a slight decrease from $4,291,154 as of December 31, 2023[9] - Total liabilities decreased to $1,866,359 from $2,157,598, a reduction of about 13.5%[10] - Acadia shareholders' equity rose to $1,926,727 from $1,636,917, indicating an increase of approximately 17.7%[10] - The total net investments in real estate as of September 30, 2024, were $3,560,353,000, slightly down from $3,612,080,000 at the end of 2023[33] - Total equity at September 30, 2024, was $2,374,927,000, an increase from $2,181,196,000 at the beginning of the year, reflecting a growth of approximately 8.9%[16] - Total debt as of September 30, 2024, was $1.59 billion, a decrease of 15.5% from $1.88 billion as of December 31, 2023[62] Cash Flow and Investments - Cash and cash equivalents increased significantly to $46,207 from $17,481, representing a growth of 163.5%[9] - Total cash provided by operating activities decreased to $102,576,000 in 2024 from $115,167,000 in 2023, reflecting a decline of about 10.9%[17] - Cash used in investing activities was $50,133,000 in 2024, a decrease from $90,071,000 in 2023, indicating a reduction of about 44.4%[17] - Proceeds from the disposition of properties amounted to $58,670,000 in 2024, with no proceeds reported in the same period of 2023[17] - The company raised $328,842,000 from the sale of common shares in 2024, with no similar transactions reported in 2023[17] Real Estate and Development - Real estate under development increased to $109,778 from $94,799, reflecting a growth of approximately 15.7%[9] - The company reported a total of $94.8 million in carrying value for properties under development as of September 30, 2024, with three properties in total[42] - The company disposed of properties totaling $64.51 million during the nine months ended September 30, 2024, resulting in a net gain of $757,000[38] - During the nine months ended September 30, 2024, the Company acquired retail properties totaling $52,203,000, including the Bleecker Street Portfolio for $20,347,000[34] Shareholder Information - The company reported a total of 113,902,348 common shares issued and outstanding as of September 30, 2024, compared to 95,361,676 shares previously[10] - The company declared dividends/distributions of $0.19 per Common Share/OP Unit, compared to $0.18 in the previous period, indicating a 5.6% increase[15] - The company declared distributions of $0.55 per Common Share/OP Unit for the nine months ended September 30, 2024, compared to $0.54 for the same period in 2023[16] Risks and Challenges - The company continues to face risks related to macroeconomic conditions, including inflation and geopolitical instability, which may impact future performance[6] - The company reported a loss of $15,952,000 from equity in earnings of unconsolidated affiliates in 2024, contrasting with earnings of $6,273,000 in 2023[17] - The company experienced realized and unrealized holding losses on investments for the nine months ended September 30, 2024, totaling $(5,918,000), compared to gains of $30,236,000 for the same period in 2023[12] Other Financial Metrics - Interest income from notes receivable for the three months ended September 30, 2024, was $4.8 million, up from $2.6 million in the same period of 2023, marking an increase of 84.6%[11] - Interest income rose to $7,859,000 for the three months ended September 30, 2024, compared to $5,087,000 for the same period in 2023, an increase of 54.7%[12] - Cash paid for interest during the nine months ended September 30, 2024, was $93,720,000, compared to $86,775,000 in 2023, representing an increase of 8.8%[19] - The company recognized total long-term incentive compensation expense of $2.4 million for the three months ended September 30, 2024, compared to $2.3 million for the same period in 2023[131]