Acadia Realty Trust(AKR) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were $101,006,000, with rental income contributing $98,714,000, representing a year-to-date total of $305,992,000[15] - The company reported a net loss of $10,955,000 for Q3 2025, with a year-to-date net loss of $43,554,000[15] - Operating income for Q3 2025 was $12,684,000, while year-to-date operating income stood at $28,768,000[15] - The company incurred total expenses of $90,837,000 in Q3 2025, leading to a total year-to-date expense of $279,739,000[15] - The company’s interest expense for Q3 2025 was $24,304,000, with a year-to-date interest expense of $71,155,000[15] - The company reported a gain on the disposition of properties amounting to $2,515,000 for Q3 2025[15] - Total revenues for the quarter ended September 30, 2025, were $95,955,000, representing a year-to-date total of $285,144,000[16] - Net operating income from properties for the quarter was $67,536,000, with a year-to-date total of $195,826,000[16] - The net income attributable to Acadia shareholders for the quarter was $5,618,000, with a year-to-date total of $9,189,000[16] - The company reported a realized gain of $4,355,000 in Q3 2025, compared to $2,923,000 in Q3 2024, indicating a significant increase in realized gains[26] - EBITDA for Q3 2025 was $59,930,000, up 15.5% from $51,709,000 in Q3 2024; year-to-date EBITDA increased to $175,027,000 from $152,997,000, a rise of 14.5%[26] - Funds from operations (FFO) for the quarter ended September 30, 2025, reached $44,583,000, compared to $38,074,000 in the previous quarter[24] - Adjusted funds from operations (AFFO) for the year to date is $103,807,000, with a diluted AFFO per common share of $0.75[24] Market Capitalization and Debt - The total market capitalization as of September 30, 2025, was $4,228,296,000, with equity capitalization accounting for 65% and debt capitalization for 35%[9] - The company’s total debt capitalization was $1,478,304,000, reflecting a pro-rata share of investment management debt[9] - The company’s pro-rata debt stands at $1,167,208,000, reflecting its share of liabilities across various investment vehicles[40] - Net Debt as of September 30, 2025, was $1,167,530,000, compared to $1,153,635,000 in 2024, indicating a slight increase[44] - The Debt/EBITDA ratio improved to 5.0x in 2025 from 5.6x in 2024, reflecting better leverage management[44] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $4,875,192,000[18] - Total liabilities were reported at $2,210,078,000, with redeemable noncontrolling interests of $9,114,000[18] - The company reported a total equity of $2,656,000,000, with Acadia shareholders' equity at $2,246,020,000[18] - Total assets amount to $917,944,000, with corporate assets net at $488,000[21] - Total liabilities stand at $636,931,000, including accounts payable and other liabilities of $49,062,000[21] Occupancy and Leasing - The physical occupancy rate at the end of Q3 2025 was 93.5%, up from 91.9% in Q3 2024; leased occupancy was 94.4%, slightly down from 95.0%[28] - Total Gross Leasable Area (GLA) across the properties is 577,005 square feet with an overall occupancy rate of 87.4%[63] - The annualized base rent (ABR) for the portfolio is $28,132,520, averaging $56.31 per square foot[63] - The total Gross Leasable Area (GLA) for Acadia's core portfolio is 1,430,989 square feet with an in-place occupancy rate of 89.1%[65] - The overall leased occupancy rate for Acadia's properties stands at 89.1%, with in-place occupancy at 97.1%[66] - The total number of leases expiring by 2034 amount to 928,773 square feet, representing 100% of the total GLA, with an average base rent of $103.33 per square foot[71] Capital Expenditures and Development - Total capital expenditures for the year to date as of September 30, 2025, are $33,139,000, compared to $20,743,000 for the same period in 2024[77] - The company has a total of 1,000,000 square feet under development and redevelopment, with significant projects including 176,000 square feet at 1 Henderson Avenue, Dallas, TX, expected to stabilize in 2027/2028[96] - Total estimated costs for development and redevelopment projects amount to $420 million, with $126 million incurred to date[96] Funds and Investments - Fund V has a total size of $520.0 million, contributing to a total fund size of $2,035.1 million across all funds[78] - Cumulative contributions across all funds amount to $2,000.4 million, with cumulative net distributions totaling $1,180.4 million, resulting in a net distribution to contributions ratio of 59.0%[78] - The company acquired an 18% interest in Fund II for approximately $54.4 million, increasing its ownership from 61.67% to 80%[80] - The company’s preferred return rates range from 6.0% to 8.0% across different funds[78] Tenant and Property Information - The portfolio includes key tenants such as Lululemon, Verizon, and Sephora, indicating strong market presence[64] - The top tenant, Target, occupies 408,895 square feet across 3 stores, contributing an ABR of $8,323,009, which is 6.9% of the total GLA[69] - The second-largest tenant, J. Crew Group, has 6 stores with a combined GLA of 34,902 square feet and an ABR of $5,656,274, representing 0.6% of the total GLA[69] Financial Guidance - The company revised its 2025 guidance for net earnings per share attributable to common shareholders to a range of $0.12-$0.14, up from the prior range of $0.09-$0.13[37] - NAREIT Funds from operations per share attributable to common shareholders and common OP unit holders is now projected at $1.20-$1.22, compared to the previous guidance of $1.22-$1.26[37]