Acadia Realty Trust(US:AKR)2025-04-30 20:57Financial Performance - Total revenues for the three months ended March 31, 2025, increased to $104.394 million, up 14.4% from $91.356 million in the same period of 2024[19] - Rental revenues rose to $102.640 million, a 19.3% increase compared to $86.037 million in Q1 2024[19] - Net loss for the three months ended March 31, 2025, was $11.657 million, compared to a net loss of $6.857 million in Q1 2024[23] - Operating income for Q1 2025 was $15.324 million, slightly up from $14.008 million in the same quarter of 2024[19] - Basic income per share for Q1 2025 was $0.01, down from $0.03 in Q1 2024[19] - Total expenses for Q1 2025 were $89.070 million, reflecting a 16.9% increase from $76.150 million in Q1 2024[19] - Comprehensive loss for Q1 2025 totaled $25.846 million, compared to a comprehensive income of $10.129 million in Q1 2024[23] - Net income attributable to Acadia shareholders for Q1 2025 was $1.608 million, down from $3.269 million in Q1 2024[19] Assets and Liabilities - Total assets as of March 31, 2025, were $4.736 billion, an increase of 8.3% from $4.371 billion at the end of 2024[17] - Total liabilities increased to $1.947 billion as of March 31, 2025, compared to $1.839 billion at the end of 2024, reflecting a rise of 5.9%[17] - The company reported cash and cash equivalents of $31.984 million as of March 31, 2025, a significant increase from $16.806 million at the end of 2024[17] - The company’s equity attributable to Acadia shareholders increased to $2.298 billion as of March 31, 2025, compared to $2.066 billion at the end of 2024, marking a growth of 11.2%[17] Real Estate Acquisitions and Investments - Acquisitions of real estate in Q1 2025 amounted to $192.222 million, with no acquisitions reported in Q1 2024[26] - The Company acquired retail properties totaling $394.5 million during the three months ended March 31, 2025, including a 100% acquisition of 106 Spring Street and 73 Wooster Street in New York, and an additional 48% interest in the Renaissance Portfolio for $117.9 million[44][45] - The Company reported a total of $3,895.2 million in operating real estate, net of accumulated depreciation, as of March 31, 2025, compared to $3,544.0 million at the end of 2024, indicating a growth of 9.9%[43] - The Company has ownership interests in 161 properties within its Core Portfolio, with a total net investment in real estate of $4,037.3 million, up from $3,673.6 million as of December 31, 2024, representing a 9.9% increase[43] Cash Flow and Financing - Total cash provided by operating activities for Q1 2025 was $25.893 million, slightly down from $25.988 million in Q1 2024[26] - Proceeds from unsecured debt in Q1 2025 were $300.200 million, a significant increase compared to $31.750 million in Q1 2024[26] - Cash paid for interest during Q1 2025 was $27.899 million, down from $31.612 million in Q1 2024[28] - The company has a Term Loan with an outstanding balance of $400.0 million, bearing interest at SOFR + 1.50%, maturing on April 15, 2028[78] Impairment and Losses - The company reported impairment charges of $6.450 million in Q1 2025, with no such charges reported in Q1 2024[19] - The company recognized a loss on change in control of $9.6 million due to the acquisition of an additional 48% interest in the Renaissance Portfolio, consolidating it into the Core Portfolio[56] - The company's share of equity in net losses of unconsolidated affiliates was $1,615,000 for the three months ended March 31, 2025, compared to a loss of $68,000 in 2024, indicating a significant increase in losses[65] Shareholder Distributions - Total dividends/distributions declared in Q1 2025 were $27.635 million, up from $19.898 million in Q1 2024, reflecting a year-over-year increase of approximately 39%[28] - The Company declared distributions of $0.20 per Common Share/OP Unit for the three months ended March 31, 2025, compared to $0.18 for the same period in 2024[117] Other Financial Metrics - The company recognized a gain on extinguishment of debt of $971,000 for the three months ended March 31, 2025, compared to $1,158,000 in the same period of 2024[65] - The total investments in and advances to unconsolidated affiliates decreased from $209.23 million as of December 31, 2024, to $177.97 million as of March 31, 2025[56] - The estimated fair value of the company's mortgage and other notes payable was $1,052.55 million as of March 31, 2025[102]