Acadia Realty Trust(AKR) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $104,394, with rental income contributing $102,640[16] - Net loss attributable to Acadia shareholders was $1,608 for the quarter[16] - Total expenses for the quarter amounted to $89,070, with depreciation and amortization accounting for $39,440[16] - The company reported a net operating income of $61,741 from its core portfolio and investment management[18] - Total revenues for the quarter ended March 31, 2025, were $16,248,000, while total expenses were $6,365,000, resulting in a net operating income of $9,883,000[19] - The company's net income attributable to Acadia shareholders for the quarter was $13,265,000, compared to a loss of $1,713,000 from the previous period[19] - The company recognized impairment charges of $4,867,000 during the quarter[19] - Net income attributable to Acadia for the quarter ended March 31, 2025, was $1,608,000, a decrease of 50.8% compared to $3,269,000 in the same quarter of 2024[26] - Funds from operations (FFO) for the quarter was $44,583,000, up 43.9% from $30,957,000 year-over-year[26] - Adjusted funds from operations (AFFO) decreased slightly to $36,756,000 from $37,265,000, reflecting a 1.4% decline[26] - EBITDA for the quarter increased to $57,129,000, a rise of 10.4% compared to $51,882,000 in the prior year[29] - Total revenue for the quarter was $47,636,000, representing a 2.6% increase from $46,445,000 in the same quarter of 2024[32] - Same Property Net Operating Income (NOI) for core properties increased by 4.1% to $33,841,000 from $32,503,000 year-over-year[32] Market Capitalization and Debt - Total market capitalization as of March 31, 2025, was $4,059,944, with equity capitalization at $2,857,707, representing 70%[11] - The company had consolidated debt of $1,634,273, which adjusted for pro-rata share results in total debt capitalization of $1,202,237, or 30%[11] - The total assets of the company as of March 31, 2025, amounted to $4,735,676,000, with total liabilities at $1,947,033,000[21] - The company has a total equity of $2,762,746,000, which includes $2,297,960,000 attributable to Acadia shareholders[21] - The net debt decreased to $1,165,904,000 in Q1 2025 from $1,320,824,000 in Q1 2024, a reduction of approximately 12%[58] - The Debt/EBITDA ratio improved to 5.7x in Q1 2025 from 6.6x in Q1 2024, suggesting better leverage management[58] Occupancy and Leasing - Physical occupancy at the end of the period was 91.6%, slightly down from 92.0% in the prior year[32] - The overall leased occupancy rate stands at 87.8%, while in-place occupancy is at 84.0%[84] - The highest performing property, Melrose Place Collection, achieved a 100% occupancy rate with an ABR of $224.57 per square foot[84] - The total number of properties in the core portfolio is 27, with a diverse range of tenants including major brands like Starbucks and Sephora[85] - The company continues to focus on maintaining high occupancy rates across its properties[86] - The weighted average lease term for new leases is 4.8 years, while for renewal leases it is 6.6 years[95] Capital Expenditures and Investments - Total capital expenditures for the quarter ended March 31, 2025, were $7,245 million, a significant increase from $3,412 million in the same quarter of the previous year, representing a 112% year-over-year growth[99] - Total acquisitions amount to $502.003 million, with a significant portion from the Renaissance Portfolio at $245.7 million[42] - The company plans to acquire properties including 106 Spring Street for $55.137 million and 73 Wooster Street for $25.459 million, both in January 2025[42] Funds and Returns - Cumulative contributions across all funds reached $1,992.3 million, with Fund II contributing $559.4 million and Fund III contributing $448.1 million[101] - Cumulative net distributions totaled $1,154.6 million, with Fund II showing a distribution of $172.9 million and Fund III at $603.5 million, indicating a strong return on investments[101] - The net distributions to contributions ratio for Fund II was 30.9%, while Fund III achieved a remarkable 134.7%, highlighting the performance of these funds[101] - Acadia's commitment across all funds amounted to $644.0 million, with Fund IV having the largest commitment of $104.5 million[101] Financial Definitions and Measures - 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[121] - 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 operational performance[122] - The company calculates EBITDA as net income before extraordinary items plus interest expense, depreciation, income taxes, and amortization, less any gains or losses on property sales[125]