Acadia Realty Trust(US:AKR)2023-10-30 16:00Financial Performance - Total revenues for the three months ended September 30, 2023, were $81.392 million, a 1.8% increase from $79.946 million in the same period of 2022[19] - Rental income for the nine months ended September 30, 2023, was $248.839 million, compared to $238.479 million for the same period in 2022, reflecting a 4.4% increase[19] - Operating income for the three months ended September 30, 2023, was $6.691 million, compared to a loss of $13.953 million in the same period of 2022[19] - Net loss attributable to Acadia shareholders for the three months ended September 30, 2023, was $1.426 million, a significant improvement from a loss of $55.891 million in the same period of 2022[19] - Net loss for the three months ended September 30, 2023, was $16,268 thousand, compared to a loss of $89,545 thousand in the same period of 2022[21] - Comprehensive income attributable to Acadia shareholders for the three months ended September 30, 2023, was $14,279 thousand, an improvement from a loss of $17,447 thousand in the prior year[21] - Comprehensive income (loss) for the nine months ended September 30, 2023, was $29,227 thousand, compared to $46,404 thousand in the same period of 2022[21] - Net income for the nine months ended September 30, 2023, was $8.486 million, a significant improvement from a net loss of $61.273 million in the same period of 2022[24] - Total revenues for the nine months ended September 30, 2023, increased to $253.179 million, up from $245.712 million for the same period in 2022, representing a growth of 3.0%[140] - Net income attributable to Acadia for the nine months ended September 30, 2023, was $21.210 million, compared to a net loss of $39.427 million for the same period in 2022, indicating a significant turnaround[140] Assets and Liabilities - Total assets as of September 30, 2023, were $4.280 billion, slightly down from $4.303 billion as of December 31, 2022[17] - Total liabilities as of September 30, 2023, were $2.101 billion, an increase from $2.054 billion as of December 31, 2022[17] - Total equity for Acadia shareholders increased to $1,685,228 thousand as of September 30, 2023, from $1,692,612 thousand a year earlier[22] - Total equity as of September 30, 2023, was $2.124 billion, up from $2.181 billion at the beginning of the year, indicating a slight decrease[23] - Total assets of unconsolidated affiliates increased to $853.9 million as of September 30, 2023, from $795.4 million as of December 31, 2022, representing a growth of 7.3%[66] - The company's share of accumulated equity in unconsolidated affiliates decreased to $115.4 million as of September 30, 2023, from $131.9 million as of December 31, 2022[66] Cash Flow and Investments - Cash and cash equivalents increased to $19.312 million as of September 30, 2023, from $17.158 million as of December 31, 2022[17] - Total cash provided by operating activities increased to $115.167 million in 2023, compared to $100.478 million in 2022, reflecting a growth of approximately 14.7%[24] - Cash used in investing activities was $90.071 million in 2023, compared to $144.949 million in 2022, showing a decrease of approximately 37.9%[24] - Proceeds from unsecured debt in 2023 were $158.889 million, a decrease from $823.262 million in 2022, reflecting a shift in financing strategy[24] - The Company acquired a retail property in Tampa, FL, for $49.374 million on July 3, 2023, as part of its Fund V 2023 Acquisition[45] - The total cash distributions declared for the periods ending October 13, 2023, and October 14, 2022, were $18.372 million and $18.244 million, respectively, showing a slight increase of 0.7%[27] Debt and Financing - Total debt as of September 30, 2023, is $1,832.3 million, an increase from $1,805.4 million as of December 31, 2022, reflecting a growth of approximately 1.5%[72] - The Company has a total of $961.6 million in mortgages payable, up from $928.6 million in the previous year, indicating a year-over-year increase of about 3.5%[72] - The Company has a $700.0 million senior unsecured credit facility, with a current interest rate of SOFR + 1.50% for the Revolver and SOFR + 1.65% for the Term Loan[75] - The outstanding balance of the Term Loan was $400.0 million as of September 30, 2023, unchanged from the previous year[86] - The Company has entered into various swap agreements to fix interest costs on a portion of its Revolver and term loans[78] Operational Highlights - The company has three reportable segments: Core Portfolio, Funds, and Structured Financing, focusing on high-quality retail properties and co-investments with institutional investors[135] - The Company has ownership interests in 149 properties within its core portfolio, which are primarily located in densely populated metropolitan areas in the U.S.[30] - The Company has transitioned all variable rate loans to SOFR or another applicable benchmark index, aligning with recent accounting standards updates[42] - The Company has identified eight consolidated Variable Interest Entities (VIEs) as of September 30, 2023, with total VIE assets of $1,902.6 million[164] Shareholder Information - Dividends/distributions declared were $0.18 per Common Share/OP Unit, totaling $17,156 thousand for the three months ended September 30, 2023[22] - The Company declared distributions of $0.54 per Common OP Unit, totaling $4.0 million for the nine months ended September 30, 2023[117] - The share repurchase program has $122.5 million remaining available as of September 30, 2023, with no shares repurchased during the nine months ended September 30, 2023[112] Economic and Market Conditions - The company anticipates continued challenges due to macroeconomic conditions, including rising inflation and changes in interest rates, which may impact future performance[13] - The Company is facing risks related to macroeconomic conditions, including rising inflation and changes in interest rates, which could impact financial performance[13]