Acadia Realty Trust (AKR) News
Market Cap: $2.52B
Avg Volume: 1.09M
Industry: REIT - Retail
Sector: Real Estate
Acadia Realty Trust Will Present at the Citi 2025 Global Property CEO Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced that the Company will participate and present at the Citi 2025 Global Property CEO Conference, which will be held on March 2, 2025 – March 5, 2025, in Hollywood, FL. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled to make a company presentation on Monday, March 3, 2025 at 5:00 p.m. ET. Acadia will also host individual meetings with investors during the confer.
businesswire.com
Read More
Acadia Realty Trust Announces 2025 Annual Meeting Date
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced the date of the Company's 2025 Annual Shareholder Meeting. Acadia's Board of Trustees has set the meeting date for Thursday, May 8, 2025 at 1:00 PM, ET. As this will be conducted as a virtual meeting, shareholders will be able to attend, vote and submit questions via live webcast by visiting www.virtualshareholdermeeting.com/AKR25. Prior to the meeting, shareholders will be able to vote at www.
businesswire.com
Read More
Acadia Realty Trust (AKR) Q4 2024 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q4 2024 Earnings Conference Call February 12, 2025 11:00 AM ET Company Participants Devin Russell - Manager, Accounts Receivable, Lease Administration Department Ken Bernstein - President and CEO A.J. Levine - SVP, Leasing and Development Reggie Livingston - EVP and CIO John Gottfried - EVP and CFO Conference Call Participants Linda Tsai - Jefferies Floris van Dijkum - Compass Point Andrew Reale - Bank of America Michael Mueller - JPMorgan Craig Mailman - Citi Ki Bin Kim - Truist Todd Thomas - KeyBanc Capital Markets Operator Thank you for standing by, and welcome to Acadia Realty Trust Fourth Quarter 2024 Earnings Conference Call.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Lags Q4 FFO and Revenue Estimates
Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.32 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to FFO of $0.28 per share a year ago.
zacks.com
Read More
Acadia Realty Trust Reports Fourth Quarter and Full Year 2024 Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended December 31, 2024. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("Core" or "Core Portfolio"), along with an investment management platform that targets opportunistic and value-add in.
businesswire.com
Read More
Acadia Realty Trust Announces Tax Reporting Information for 2024 Distributions
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) has determined that the Federal tax treatment for 2024 distributions to holders of its common shares of beneficial interest (CUSIP # 004239109) traded on the NYSE under the ticker symbol “AKR” is as follows: Record Payment Total Distribution Total Income Box 1a- Ordinary Box 1b- Qualified Box 5a– 199A Box 2a- Capital Gain Box 2b- Unrecaptured Section 1250 Box 2f- Section 897 Date Date Per Share Per Share Div.
businesswire.com
Read More
Acadia Realty Trust to Announce Fourth Quarter 2024 Earnings on February 11, 2025
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) will release its fourth quarter 2024 earnings after market close on Tuesday, February 11, 2025. Management will conduct a conference call on Wednesday, February 12, 2025, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, February 12, 2025 Time: 11:00 AM ET Participant Call: Fourth Qua.
businesswire.com
Read More
Is Acadia Realty Trust (AKR) Outperforming Other Finance Stocks This Year?
Here is how Acadia Realty Trust (AKR) and Amalgamated Financial (AMAL) have performed compared to their sector so far this year.
zacks.com
Read More
Acadia Realty Trust (AKR) Q3 2024 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q3 2024 Earnings Conference Call October 28, 2024 11:00 AM ET Company Participants Alec Aaronson - Development Analyst Ken Bernstein - President and Chief Executive Officer A.J. Levine - SVP, Leasing and Development John Gottfried - EVP and CFO Conference Call Participants Linda Tsai - Jefferies Floris van Dijkum - Compass Point Jeff Spector - Bank of America Securities Todd Thomas - KeyBanc Capital Markets Ki Bin Kim - Truist Paulina Rojas Schmidt - Green Street Michael Mueller - JPMorgan Operator Hello, and welcome to Acadia Realty Trust Third Quarter 2024 Earnings Conference Call.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Q3 FFO Meet Estimates
Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.32 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.27 per share a year ago.
zacks.com
Read More
Acadia Realty Trust Reports Third Quarter Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2024. All per share amounts are on a fully-diluted basis, where applicable. Acadia owns and operates a high-quality real estate portfolio of street and open-air retail properties in the nation's most dynamic retail corridors ("Core" or "Core Portfolio"), along with an investment management platform that targets opportunistic and value-add i.
businesswire.com
Read More
What Makes Acadia Realty Trust (AKR) a New Buy Stock
Acadia Realty Trust (AKR) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
zacks.com
Read More
Has Acadia Realty Trust (AKR) Outpaced Other Finance Stocks This Year?
Here is how Acadia Realty Trust (AKR) and Arch Capital Group (ACGL) have performed compared to their sector so far this year.
zacks.com
Read More
An October Surprise
U.S. equity markets extended gains to a fourth-straight week despite a resurgence in benchmark interest rates after a critical slate of employment data showed surprisingly strong labor market trends. One of several strong employment reports, Nonfarm Payrolls data showed that the U.S. economy added 254k jobs in September - the strongest in six months and well above consensus estimates. Combined with a nearly 10% surge in crude oil prices driven by renewed Middle East tensions, markets reflected a significantly less aggressive Fed rate cut path in the months ahead.
seekingalpha.com
Read More
Acadia Realty Trust to Announce Third Quarter 2024 Earnings on October 28, 2024
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) will release its third quarter 2024 earnings prior to the market open on Monday, October 28, 2024. Management will conduct a conference call on Monday, October 28, 2024, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Monday, October 28, 2024 Time: 11:00 AM ET Participant Call: Third Quarter 2.
businesswire.com
Read More
Acadia Realty Trust Announces Pricing of Upsized Offering of 5,000,000 Common Shares
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) announced today the pricing of an upsized underwritten offering of 5,000,000 common shares of beneficial interest at a price to the public of $23.25 per share. The underwriters have been granted a 30-day option to purchase up to an additional 750,000 common shares. This reflects an upsizing of the previously announced offering of 4,500,000 common shares. The offering is expected to close on October 2, 2024,.
businesswire.com
Read More
Acadia Realty Trust Announces Offering of 4,500,000 Common Shares
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) announced today that it is commencing an underwritten public offering of 4,500,000 of its common shares of beneficial interest in connection with the forward sale agreements described below. Wells Fargo Securities, Goldman Sachs & Co. LLC and Jefferies are acting as joint book-running managers for the offering. The shares may be offered by the underwriters from time to time to purchasers directly or thro.
businesswire.com
Read More
Shopping Center REITs Are Hot: Pick A Winner
The current environment is favorable for REITs, with normalized prices, falling Treasury yields, and expected prime rate cuts. Shopping Center REITs offer above-average yields (3.88%) and superior growth prospects, driven by record-high occupancy rates and strong rental rate spreads. This article examines liquidity, FFO growth, TCFO growth, dividend growth, market cap, share price growth, and volatility to identify the best Shopping Center REITs for the next 2 years.
seekingalpha.com
Read More
Acadia Realty Trust to Present at BofA Securities 2024 Global Real Estate Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today announced that it will participate at the BofA Securities 2024 Global Real Estate Conference. BofA Securities 2024 Global Real Estate Conference Acadia will participate at the BofA Securities 2024 Global Real Estate Conference which will be held September 10-12, 2024. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled for a roundtable discussion on Wednesday, September 1.
businesswire.com
Read More
Are Finance Stocks Lagging Acadia Realty Trust (AKR) This Year?
Here is how Acadia Realty Trust (AKR) and Banco Comercial Portugues S.A. Unsponsored ADR (BPCGY) have performed compared to their sector so far this year.
zacks.com
Read More
Acadia Realty Trust: Strong NOI Growth Pipeline But Little Immediate Benefit From Fed Easing
Acadia Realty Trust is a retail REIT focused on affluent communities with high population density. The REIT has significantly outperformed the Vanguard Real Estate Index Fund ETF so far in 2024, pushing the proportion of net debt in enterprise value down to just 35%. Q2 2024 results were excellent, and the company increased its full-year outlook.
seekingalpha.com
Read More
Is Acadia Realty Trust (AKR) Stock Outpacing Its Finance Peers This Year?
Here is how Acadia Realty Trust (AKR) and Allstate (ALL) have performed compared to their sector so far this year.
zacks.com
Read More
Behind The Curve
U.S. equity markets tumbled in a volatile week, while benchmark interest rates plunged by the most since December 2008 after employment data showed decisive evidence of weakening labor market conditions. Volatility was amplified by a confluence of central bank policy decisions, a hit-and-miss slate of corporate earnings results, an intensification of geopolitical risks, and a re-pricing of domestic political expectations. Among several weak employment reports, the critical nonfarm payrolls report showed that the unemployment rate jumped to the highest level since 2021 in July, and the report was even weaker under-the-surface.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Q2 2024 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET Company Participants Ethan Gomez - Acquisitions Intern Ken Bernstein - President & Chief Executive Officer A.J. Levine - Senior Vice President, Leasing & Development John Gottfried - Executive Vice President, Chief Financial Officer Conference Call Participants Andrew Reale - Bank of America Linda Tsai - Jefferies Todd Thomas - KeyBanc Craig Mailman - Citi Michael Mueller - JPMorgan Ki Bin Kim - Truist Paulina Rojas-Schmidt - Green Street Operator Good day, and thank you for standing by.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Q2 FFO Meet Estimates
Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.31 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.36 per share a year ago.
zacks.com
Read More
Acadia Realty Trust to Announce Second Quarter 2024 Earnings on July 30, 2024
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) will release its second quarter 2024 earnings on Tuesday, July 30, 2024, after market close. Management will conduct a conference call on Wednesday, July 31, 2024, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, July 31, 2024 Time: 11:00 AM ET Participant Call: Second Quarter 2024 Di.
businesswire.com
Read More
Acadia Realty Trust to Present at NAREIT's REITweek®: 2024 Investor Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today announced that it will participate in NAREIT's REITweek®: 2024 Investor Conference. NAREIT REITweek®: 2024 Investor Conference Acadia will participate in NAREIT's REITweek®: 2024 Investor Conference which will be held June 3-6, 2024. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled to make a company presentation on Tuesday, June 4, 2024, at 2:15 p.m. ET. The Company's.
businesswire.com
Read More
Acadia Realty Trust Completes Transaction With Institutional Partner
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) announced the formation of a strategic relationship with J.P. Morgan Asset Management (“JPM”) to pursue the acquisition of retail assets, including assets currently owned by the Company. This strategic relationship commenced with the Company selling a 95% interest in Shops at Grand, a grocery-anchored shopping center located in Maspeth, New York to J.P. Morgan Real Estate Income Trust, Inc., which is externa.
businesswire.com
Read More
Realty Income (O) Rewards Investors With 125th Dividend Hike
Realty Income Corporation (O Quick QuoteO - Free Report) announced an increase in its common stock monthly cash dividend to 26.25 cents per share from 25.70 cents paid out earlier. This marked its 125th dividend hike since its listing on the NYSE in 1994.The increased dividend will be paid out on Jun 14 to shareholders of record as of Jun 3, 2024. The latest dividend rate marks an annualized amount of $3.150 per share compared with the prior rate of $3.084. Based on the company’s share price of $55.13 on May 17, the latest hike results in a dividend yield of 5.71%.Though the latest hike marks a marginal increase from the prior dividend, the latest dividend announced will be the company’s 647th consecutive monthly dividend payout in its 55-year operating history.Solid dividend payouts are the biggest enticements for real estate investment trust (REIT) investors, and Realty Income is committed to boosting its shareholder wealth. This retail REIT holds the trademark of the phrase “The Monthly Dividend Company.” It has made 107 consecutive quarterly dividend hikes. This retail REIT has witnessed compound average annual dividend growth of 4.3% since its listing on the NYSE. Moreover, Realty Income has increased its dividend 22 times in the last five years and has a five-year annualized dividend growth rate of 2.99%. Check Realty Income’s dividend history here.The latest hike reflects O’s ability to generate decent cash flow through its operating platform and high-quality portfolio. The majority of its annualized retail contractual rental revenues are generated by clients who have a service, non-discretionary and/or low-price-point component to their business. Such businesses are less likely to be affected by economic downturns and competition from online sales. These provide more reliable streams of income, which boost the stability of rental revenues and generate predictable cash flows.Moreover, Realty Income’s diversified tenant base and accretive buyouts bode well for its long-term growth. The solid property acquisitions volume at decent investment spreads has aided the company’s performance so far. In January 2024, Realty Income completed its all-stock merger transaction with Spirit Realty Capital, Inc. The transaction is immediately accretive on a leverage-neutral basis and adds to Realty Income's size, scale and diversification, enabling it to expand its scope for future growth.In November 2023, Realty Income entered into a JV with Digital Realty (DLR Quick QuoteDLR - Free Report) to facilitate the development of two build-to-suit data centers in Northern Virginia. The move marked the retail REIT’s maiden foray into the data center sector and further diversified its portfolio. It invested approximately $200 million, securing an 80% equity interest in the venture, while Digital Realty maintains a 20% interest.Realty Income maintains a healthy balance sheet position and exited the first quarter of 2024 with $4 billion of liquidity. The company ended the quarter with modest leverage and strong coverage metrics with net debt to annualized pro forma adjusted EBITDAre of 5.5X and a fixed charge coverage of 4.5X. O also enjoys a credit rating of A- (Stable) and A3 (Stable) from Standard & Poor’s and Moody’s, respectively, which provides access to the debt market at favorable costs.With ample financial flexibility, the company remains well-poised to respond to any challenges and bank on growth opportunities.Moreover, with a healthy financial position and a lower debt-to-equity ratio compared with the industry, we expect the latest dividend rate to be sustainable. Over the past three months, shares of this Zacks Rank #3 (Hold) company have risen 4.6% against the industry’s fall of 3.8%.Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the retail REIT sector are Kite Realty Group Trust (KRG Quick QuoteKRG - Free Report) and Acadia Realty Trust (AKR Quick QuoteAKR - Free Report) , each carrying a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for Kite Realty Group’s ongoing year’s funds from operations (FFO) per share is pegged at $2.05, which indicates a year-over-year increase of 1%.The Zacks Consensus Estimate for Acadia Realty Trust’s current-year FFO per share has been revised a cent upward over the past month to $1.28.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>
https://www.zacks.com
Read More
J.P. Morgan Real Estate Income Trust, Inc. Acquires Grocery-Anchored Retail Shopping Center in Queens, New York
NEW YORK , May 16, 2024 /PRNewswire/ -- J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) announced today it acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, 100% leased, Class A grocery–anchored shopping center in the Maspeth neighborhood of Queens, NY.
prnewswire.com
Read More
Acadia Realty Trust Announces $0.18 Per Share Quarterly Dividend
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced that its Board of Trustees has declared a cash dividend of $0.18 per common share for the quarter ended June 30, 2024. The quarterly dividend is payable on July 15, 2024 to holders of record as of June 28, 2024. About Acadia Acadia Realty Trust is an equity real estate investment trust (“REIT”) focused on delivering long-term, profitable growth. Acadia operates a high-quality core real estate.
businesswire.com
Read More
Acadia Realty Trust (AKR) Q1 2024 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q1 2024 Results Conference Call April 30, 2024 11:00 AM ET Company Participants Jose Vilchez - Capital Markets Analyst Ken Bernstein - President and CEO A.J. Levine - Senior Vice President, Leasing and Development John Gottfried - Executive Vice President, Chief Financial Officer Stuart Seeley - Senior Managing Director of Strategy and Public Markets Conference Call Participants Lizzy Doykan - BofA Securities Todd Thomas - KeyBanc Capital Markets Linda Tsai - Jefferies Group Craig Mailman - Citi Ki Bin Kim - Truist Michael Mueller - JPMorgan Floris Van Dijkum - Compass Point Paulina Rojas-Schmidt - Green Street Operator Thank you for standing by, and welcome to Acadia Realty Trust First Quarter 2024 Earnings Conference Call.
seekingalpha.com
Read More
Acadia Realty Trust Reports First Quarter Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2024. For the quarter ended March 31, 2024, net earnings per share was $0.03. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with a fund business ("Funds") that targets opportunistic.
businesswire.com
Read More
Why Earnings Season Could Be Great for Acadia Realty Trust (AKR)
Acadia Realty Trust (AKR) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
zacks.com
Read More
A Hawkish Pivot
U.S. equity markets posted their worst week in a year while benchmark interest rates surged to five-month highs as investors monitored an intensification of geopolitical tensions and hawkish Fed commentary. Inflamed by resurgent energy prices and insatiable Federal government spending, Fed Chair Powell and other officials acknowledged a stalling-out of inflation progress in recent months and delayed cut expectations. Declining on all five trading sessions, the S&P 500 declined another 3.1% this week - its worst week since March 2023 - while high-flying technology stocks were hit particularly hard.
seekingalpha.com
Read More
Acadia Realty Trust Announces Expanded $750 Million Senior Unsecured Revolving Credit and Term Loan Facility
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (the “Company”) announced today that it closed on a $750 million amended and restated credit facility, which replaces and extends the Company's existing $700 million credit facility. The facility was oversubscribed and maintained the pricing spread from the prior facility while improving its financial covenant package. The amended and restated credit facility matures on April 15, 2028 (with two six-month extension options) and has an a.
businesswire.com
Read More
Acadia Realty Trust: Safe 4.2% Dividend Yield From Street Retail, But I'm Not Buying
Acadia Realty Trust is paying out a 4.2% dividend yield that's 156% covered by FFO. The REIT saw same-property net operating income grow by 10% during its fiscal 2023 fourth quarter.
seekingalpha.com
Read More
Acadia Realty Trust to Announce First Quarter 2024 Earnings on April 29, 2024
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) will release its first quarter 2024 earnings on Monday, April 29, 2024, after market close. Management will conduct a conference call on Tuesday, April 30, 2024, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Tuesday, April 30, 2024 Time: 11:00 AM ET Participant Call: First Quarter 2024 Dial-I.
businesswire.com
Read More
Acadia Realty Trust Will Present at the Citi 2024 Global Property CEO Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced that the Company will participate and present at the Citi 2024 Global Property CEO Conference, which will be held on March 3, 2024 – March 6, 2024, in Hollywood, FL. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled to make a company presentation on Monday, March 4, 2024 at 8:50 a.m. ET. Acadia will also host individual meetings with investors during the confer.
businesswire.com
Read More
Acadia Realty Trust Announces 2024 Annual Meeting Date
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced the date of the Company's 2024 Annual Shareholder Meeting. Acadia's Board of Trustees has set the meeting date for Thursday, May 2, 2024 at 1:00 PM, ET. As this will be conducted as a virtual meeting, shareholders will be able to attend, vote and submit questions via live webcast by visiting www.virtualshareholdermeeting.com/AKR24. Prior to the meeting, shareholders will be able to vote at www.
businesswire.com
Read More
Acadia Realty Trust (AKR) Q4 2023 Earnings Call Transcript
Acadia Realty Trust (AKR) Q4 2023 Earnings Call Transcript
seekingalpha.com
Read More
Acadia Realty Trust Reports Fourth Quarter and Full Year 2023 Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2023. For the quarter ended December 31, 2023, net loss per share was $0.02 and for the year ended December 31, 2023, net earnings per share was $0.20. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dyn.
businesswire.com
Read More
Acadia Realty Trust Announces Key Promotions and Changes to Management Teams
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced the year-end promotions for the following professionals to support its continued growth: Reggie Livingston has been promoted to Executive Vice President, Chief Investment Officer. Mr. Livingston will continue to drive the Company's external growth by developing investment strategies and leading the sourcing, underwriting and execution of new investments. Since joining Acadia in 2011, Mr. Livin.
businesswire.com
Read More
Acadia Realty: Not A Great Way To Get Retail Space Exposure
Acadia Realty Trust owns and manages retail properties in metropolitan and suburban markets across the US. The company's portfolio includes properties in major cities such as Chicago, New York, Los Angeles, and San Francisco. Acadia's financial performance has been disappointing, with shrinking same-store NOI and FFO, as well as an ever-decreasing stock price.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Upgraded to Buy: Here's Why
Acadia Realty Trust (AKR) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
zacks.com
Read More
Acadia Realty Trust Announces Tax Reporting Information for 2023 Distributions
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) has determined that the Federal tax treatment for 2023 distributions to holders of its common shares of beneficial interest (CUSIP # 004239109) traded on the NYSE under the ticker symbol “AKR” is as follows: Record Payment Total Distribution Total Income Box 1a-Ordinary Box 1b-Qualified Box 5a– 199A Box 2a- Capital Gain Box 2b- Unrecaptured Section 1250 Box 2f- Section 897 Date Date Per Share Per Shar.
businesswire.com
Read More
Acadia Realty Trust to Announce Fourth Quarter 2023 Earnings on February 13, 2024
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) will release its fourth quarter 2023 earnings on Tuesday, February 13, 2024, after market close. Management will conduct a conference call on Wednesday, February 14, 2024, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, February 14, 2024 Time: 11:00 AM ET Participant Call: Fourth Qua.
businesswire.com
Read More
Acadia Realty Trust Prices Offering of 6,900,000 Common Shares
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) announced today the pricing of an underwritten offering of 6,900,000 common shares (inclusive of the underwriters' option to purchase 900,000 additional shares) at a price to the public of $16.75 per share. The offering is expected to close on January 11, 2024, subject to customary closing conditions. Acadia intends to use the net proceeds from the offering for general corporate purposes, which may include fu.
businesswire.com
Read More
Acadia Realty Trust Announces Offering of 6,000,000 Common Shares
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) announced today that it has commenced an offering of 6,000,000 common shares. Acadia intends to grant the underwriters a 30-day option to purchase up to an additional 900,000 common shares. Acadia intends to use the net proceeds from the offering for general corporate purposes, which may include funding future acquisitions, the repayment of outstanding indebtedness, working capital and other general corporate.
businesswire.com
Read More
Acadia Realty Trust (AKR) Q3 2023 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q3 2023 Earnings Call Transcript October 31, 2023 11:00 AM ET Company Participants John Demoulas - Analyst Ken Bernstein - President and CEO AJ Levine - SVP, Leasing and Development John Gottfried - EVP, CFO Conference Call Participants Floris van Dijkum - Compass Point Ki Bin Kim - Truist Linda Tsai - Jefferies Craig Mailman - Citi Todd Thomas - KeyBanc Capital Markets Lizzy Doykan - BofA Securities Paulina Rojas Schmidt - Green Street Operator Good day and thank you for standing by. Welcome to the Q3 2023 Acadia Realty Trust Earnings Conference Call.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Matches Q3 FFO Estimates
Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.27 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.28 per share a year ago.
zacks.com
Read More
Acadia Realty Trust to Announce Third Quarter 2023 Earnings on October 30, 2023
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) will release its third quarter 2023 earnings on Monday, October 30, 2023, after market close. Management will conduct a conference call on Tuesday, October 31, 2023, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Tuesday, October 31, 2023 Time: 11:00 AM ET Participant Call: Third Quarter 2023.
businesswire.com
Read More
Acadia Realty Trust: 11% Discount And A Fully Covered 4.8% Yield
Acadia has kept its quarterly dividend payments stable and currently yields 4.8%. Its recent $0.18 per share dividend payment was 205% covered by fiscal 2023 second-quarter funds from operations. The REIT is also currently swapping hands for a rare discount to tangible book value per share.
seekingalpha.com
Read More
Should You Buy Acadia Realty Trust (AKR) After Golden Cross?
After reaching an important support level, Acadia Realty Trust (AKR) could be a good stock pick from a technical perspective. AKR recently experienced a "golden cross" event, which saw its 50-day simple moving average breaking out above its 200-day simple moving average.
zacks.com
Read More
Acadia Realty Trust (AKR) Q2 2023 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Mackenzie Teper - IR Kenneth Bernstein - President and CEO Stuart Seeley - Senior Managing Director of Strategy and Public Markets John Gottfried - EVP and CFO Conference Call Participants Floris van Dijkum - Compass Point LLC Ki Bin Kim - Truist Todd Thomas - KeyBanc Capital Markets Lizzy Doykan - Bank of America Securities Craig Mailman - Citi Michael Mueller - JPMorgan Paulina Rojas-Schmidt - Green Street Operator Good day, and thank you for standing by. Welcome to the Q2 2023 Acadia Realty Trust Earnings Conference Call.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Tops Q2 FFO and Revenue Estimates
Acadia Realty Trust (AKR) came out with quarterly funds from operations (FFO) of $0.36 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to FFO of $0.32 per share a year ago.
zacks.com
Read More
Acadia Realty Trust Reports Second Quarter Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended June 30, 2023. For the quarter ended June 30, 2023, net earnings per share was $0.09. and for the six months ended June 30, 2023, net earnings per share was $0.23. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which t.
businesswire.com
Read More
Acadia Realty Trust to Announce Second Quarter 2023 Earnings on August 1, 2023
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) will release its second quarter 2023 earnings on Tuesday, August 1, 2023, after market close. Management will conduct a conference call on Wednesday, August 2, 2023, at 11:00 AM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, August 2, 2023 Time: 11:00 AM ET Participant Call: Second Quarter 2023.
businesswire.com
Read More
Acadia Realty Trust to Present at NAREIT's REITweek®: 2023 Investor Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today announced that it will participate in NAREIT's REITweek®: 2023 Investor Conference. NAREIT REITweek®: 2023 Investor Conference Acadia will participate in NAREIT's REITweek®: 2023 Investor Conference which will be held June 6-8, 2023. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled to make a company presentation on Tuesday, June 6, 2023, at 10:15 a.m. ET. The Company's.
businesswire.com
Read More
2 Top REITs to Buy From a Prospering Retail REIT Industry
With shoppers renewed enthusiasm for an in-store shopping experience and retail landlords' focus on omnichannel retailing, adaptive reuse capabilities and essential retail tenants, Zacks REIT and Equity Trust - Retail industry stocks AKR and BFS are in focus.
zacks.com
Read More
Wall Street Analysts Believe Acadia Realty Trust (AKR) Could Rally 28.98%: Here's is How to Trade
The mean of analysts' price targets for Acadia Realty Trust (AKR) points to a 29% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
zacks.com
Read More
AKR vs. ADC: Which Stock Is the Better Value Option?
Investors interested in REIT and Equity Trust - Retail stocks are likely familiar with Acadia Realty Trust (AKR) and Agree Realty (ADC). But which of these two stocks is more attractive to value investors?
zacks.com
Read More
Acadia Realty Trust: Priced At A Discount Following Strong First Quarter Results
Acadia Realty Trust owns and operates retail-focused properties in three key densely populated regions in the U.S. Following a strong fiscal 2022, results have continued to surprise in the first quarter, led by better than expected same-property NOI growth.
seekingalpha.com
Read More
Acadia Realty Trust (AKR) Q4 2022 Earnings Call Transcript
Acadia Realty Trust (NYSE:AKR ) Q1 2023 Earings Conference Call May 3, 2023 10:00 AM ET Company Participants Jason Martin - Asset Management Kenneth Bernstein - President and Chief Executive Officer Stuart Seeley - Senior Managing Director of Strategy and Public Markets John Gottfried - Executive Vice President and Chief Financial Officer Conference Call Participants Floris van Dijkum - Compass Point Ki Bin Kim - Truist Securities Todd Thomas - KeyBanc Capital Markets Linda Tsai - Jefferies Michael Mueller - JP Morgan Craig Mailman - Citi Operator Good day, ladies and gentlemen. Thank you for standing by.
seekingalpha.com
Read More
Acadia Realty Trust to Announce First Quarter 2023 Earnings on May 2, 2023
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) will release its first quarter 2023 earnings on Tuesday, May 2, 2023, after market close. Management will conduct a conference call on Wednesday, May 3, 2023, at 10:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below. Time: Participant Registration: First Quarter 2023 Registration Webcast Listen-only and Replay: About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic or future pandemics, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets and rising inflation; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts; and (xvii) the risk that the Company’s restatement of certain of its previously issued consolidated financial statements or material weaknesses in internal controls could negatively affect investor confidence and raise reputational issues. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.
businesswire.com
Read More
Acadia Realty Trust Will Present at the Citi 2023 Global Property CEO Conference
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”), today announced that the Company will participate and present at the Citi 2023 Global Property CEO Conference, which will be held on March 5, 2023 – March 8, 2023, in Hollywood, FL. Kenneth F. Bernstein, Acadia's President and Chief Executive Officer, is scheduled to make a company presentation on Tuesday, March 7, 2023 at 10:35 a.m. ET.
businesswire.com
Read More
Acadia Realty Trust Announces 2023 Annual Meeting Date
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today announced the date of the Company's 2023 Annual Shareholder Meeting. Acadia's Board of Trustees has set the meeting date for Thursday, May 4, 2023, at 1:00 p.m., EDT. As this will be conducted as a virtual meeting, shareholders will be able to attend, vote and submit questions via live webcast by visiting www.virtualshareholdermeeting.com/AKR23.
businesswire.com
Read More
Acadia Realty Trust: Fairly Valued Following Q4 Results
Acadia Realty Trust owns a portfolio of high-quality retail properties, located primarily in densely populated metropolitan areas. Despite negative sentiment surrounding the retail environment, the company posted solid 2022 results, comprised of strong growth in FFO with continuous upward revisions in guidance.
seekingalpha.com
Read More
The State Of REITs: February 2023 Edition
The REIT sector sharply rebounded from a tough 2022 with an +11.77% total return in January 2023. Micro cap REITs (+16.16%) saw disproportionately strong gains in January, followed by double-digit returns for small caps (+11.79%), mid caps (+11.50%) and large caps (+10.07%).
seekingalpha.com
Read More
Acadia Realty Trust Reports Fourth Quarter and Full Year 2022 Operating Results
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2022. For the quarter ended December 31, 2022, net earnings per share was $0.04 and for the year ended December 31, 2022, net loss per share was $0.40, primarily due to (i) Core and Fund non-cash impairment charges incurred during the three months ended September 30, 2022, as fully detailed in the third quarter 2022 earnings release dated November 1, 2022 and the Form 10-Q for the quarter ending September 30, 2022 and (ii) unrealized mark-to-market holding losses on its investment in Albertsons. All per share amounts are on a fully-diluted basis, where applicable. Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments. Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income (loss), funds from operations ("FFO") as per NAREIT and Before Special Items, net property operating income ("NOI") and same-property NOI. Fourth Quarter and Recent Highlights Fourth Quarter Earnings and Operating Results: NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27 Generated increase in Core Portfolio same-property NOI of 5.7% during the fourth quarter and 6.3% increase for the full-year 2022, which exceeded the high-end of its 4.0% to 6.0% guidance NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27 Generated increase in Core Portfolio same-property NOI of 5.7% during the fourth quarter and 6.3% increase for the full-year 2022, which exceeded the high-end of its 4.0% to 6.0% guidance Core Portfolio Leasing: Generated GAAP and cash leasing spreads of 10.2% and 4.7%, respectively, on renewal leases Increased both leased and occupied rates to 94.9% and 92.7%, respectively, as of December 31, 2022 compared to leased and occupied rates of 94.3% and 91.2% as of September 30, 2022 Generated GAAP and cash leasing spreads of 10.2% and 4.7%, respectively, on renewal leases Increased both leased and occupied rates to 94.9% and 92.7%, respectively, as of December 31, 2022 compared to leased and occupied rates of 94.3% and 91.2% as of September 30, 2022 Core Portfolio and Fund Transactional Activity: Completed a disposition within its Core Portfolio of an Urban asset for $26.4 million, (generating a $7.4 million gain) Post quarter end, completed a Fund V acquisition in suburban New York for $62.1 million Completed a Fund IV disposition for $46 million, (generating a $13 million gain, of which $3 million was the Company's share) Completed a disposition within its Core Portfolio of an Urban asset for $26.4 million, (generating a $7.4 million gain) Post quarter end, completed a Fund V acquisition in suburban New York for $62.1 million Completed a Fund IV disposition for $46 million, (generating a $13 million gain, of which $3 million was the Company's share) Albertsons Special Dividend: Albertsons Companies, Inc. ("Albertsons") paid its Special Dividend (as defined below) on January 20, 2023 Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share, which will be recognized in the first quarter of 2023 Albertsons Companies, Inc. ("Albertsons") paid its Special Dividend (as defined below) on January 20, 2023 Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share, which will be recognized in the first quarter of 2023 Balance Sheet: 97% of Core Portfolio debt is fixed, inclusive of swap contracts, as of December 31, 2022 97% of Core Portfolio debt is fixed, inclusive of swap contracts, as of December 31, 2022 Guidance: Provided 2023 guidance for earnings per diluted share of $0.14 to $0.23 and FFO before Special Items per diluted share of $1.17 to $1.26 Provided 2023 guidance for earnings per diluted share of $0.14 to $0.23 and FFO before Special Items per diluted share of $1.17 to $1.26 “We are pleased with our full year 2022 and fourth quarter results. In particular, we have seen a high level of new tenants taking occupancy during the quarter combined with steady leasing activity. Our Street and Urban assets are still in the early stages of a rebound and will continue to benefit from this recovery. Even after taking into account the uncertain macro backdrop and the potential for disruption in 2023, we remain confident with our substantial near and long-term internal growth expectations,” stated Kenneth F. Bernstein, President and CEO of Acadia. "Given the deep transactional expertise embedded in our dual platform business, we continue to pursue opportunistic acquisitions as well as harvest assets accretively as market conditions evolve." CORE PORTFOLIO OPERATING RESULTS The Company had a GAAP earnings per share of $0.04, NAREIT FFO per share of $0.21 and FFO Before Special Items per share of $0.27 for the quarter ended December 31, 2022. Please refer to the Consolidated Financial Results section below for additional details. The Company's same-property NOI, excluding redevelopments, increased 5.7% for the quarter ended December 31, 2022 and 6.3% for the year ended December 31, 2022, which exceeded the high-end of its 4.0% to 6.0% guidance. For the quarter ended December 31, 2022, the Company's pro-rata share of credit losses and reserves is as follows (dollars in millions): Core Same Store Core Other Funds Total Per Share Fourth Quarter 2022 Credit Losses and Reserves Credit Loss and Abatements - Billed Rents and Recoveries $ 0.3 $ 0.1 $ 0.3 $ 0.7 $ 0.01 Prior Period (Benefit), Net (0.4 ) — (0.1 ) (0.5 ) — Total $ (0.1 ) $ 0.1 $ 0.2 $ 0.2 $ 0.01 CORE PORTFOLIO LEASING During the quarter ended December 31, 2022, GAAP and cash leasing spreads were 10.2% and 4.7%, respectively, on 17 renewal leases aggregating approximately 152,000 square feet. While the Company did not sign any new comparable leases during the fourth quarter, the Company executed several profitable non-comparable new leases, including at 555 9th Street, a redevelopment in San Francisco. These non-comparable new leases totaled 54,000 square feet with aggregate ABR of approximately $1.6 million at the Company's share. As of December 31, 2022, the Core Portfolio was 94.9% leased and 92.7% occupied. As of September 30, 2022, the Core Portfolio was 94.3% leased and 91.2% occupied. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties. Post quarter end, the Company signed a lease for the entirety of Bed Bath & Beyond Inc.'s space at Brandywine Town Center in Wilmington, Delaware, one of two locations this tenant has within the Company's Core Portfolio. CORE PORTFOLIO AND FUND TRANSACTIONAL ACTIVITY Core Portfolio Acquisition Activity No Core Portfolio acquisitions were completed for the quarter ended December 31, 2022. For the full year 2022, the Company completed Core Portfolio acquisitions of $246.7 million. See Supplemental report for details. Core (Urban) Disposition Activity 330-340 River Street, Boston (Cambridge), Massachusetts. In December 2022, the Company completed the disposition of 330-340 River Street at attractive pricing for $26.4 million. During the Company's ownership, lease terms with Whole Foods and Rite-Aid were extended and credit upgrades allowed the Company to obtain premium pricing on the disposition. The property generated a $7.4 million gain. Fund Transactional Activity Fund V Acquisition Mohawk Commons (Fund V). Post quarter-end, in January 2023, Fund V completed the acquisition of a 90% interest in Mohawk Commons in Schenectady, New York for $62.1 million in a joint venture with DLC Management. The investment, which was funded with a new non-recourse mortgage of $39.7 million, is expected to result in mid-teens current leveraged returns. This grocery-anchored power center is currently 98% leased and is anchored by Lowe's and a shadow anchor, Target, along with other national junior anchors, including Burlington Coat Factory, PetSmart and Marshalls. Fund IV Disposition Promenade at Manassas (Fund IV). As previously announced, in October 2022, Fund IV completed the disposition of Promenade at Manassas in Manassas, Virginia for $46 million and repaid the mortgage of $27.3 million. This sale generated a 17% IRR, 2.2x multiple on the Fund's equity investment and a $13 million gain, of which $3 million gain was the Company's share. ALBERTSONS SPECIAL DIVIDEND On January 17, 2023, Albertsons announced that the State of Washington’s Supreme Court denied a motion by the Attorney General of the State of Washington to hear an appeal from the trial court’s denial of its request to enjoin the Company from paying its previously announced $6.85 per common share special dividend (the “Special Dividend”), originally scheduled to be paid November 7, 2022. Albertsons further announced that the temporary restraining order preventing the payment of the Special Divided was lifted as a result of the decision. Albertsons paid the Special Dividend on January 20, 2023. Acadia's share of the Special Dividend was approximately $11.3 million, or $0.11 per share. Based on the legal uncertainty that existed at December 31, 2022, Acadia will recognize its share of the Special Dividend in the first quarter of fiscal year 2023. BALANCE SHEET As of December 31, 2022, 97% of the Core Portfolio debt was fixed, inclusive of interest rate swap contracts. CONSOLIDATED FINANCIAL RESULTS A complete reconciliation, in dollars and per share amounts, of (i) net loss or income attributable to Acadia to FFO (as defined by NAREIT and Before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release. Amounts discussed below are net of noncontrolling interests and all per share amounts are on a fully-diluted basis. Net Income (Loss) Net income attributable to Acadia for the quarter ended December 31, 2022, was $3.8 million, or $0.04 per share, which included a $10.2 million gain, or $0.10 per share, on Core and Fund dispositions, partially offset by a $6.8 million loss, or $0.07 per share, from the unrealized mark-to-market holding loss on its investment in Albertsons. Net income attributable to Acadia for the quarter ended December 31, 2021, was $2.9 million, or $0.03 per share, which included: $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons. Net loss attributable to Acadia for the year ended December 31, 2022, was $38.1 million, or $0.40 per share, which included: (i) Core and Fund impairment charges of $58.5 million, or $0.58 per share and (ii) $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons, partially offset by $22.1 million gain, or $0.22 per share, on Core and Fund dispositions. Net income attributable to Acadia for the year ended December 31, 2021, was $22.9 million, or $0.26 per share, which included: (i) $13.8 million, or $0.15 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and (ii) $6.6 million, or $0.07 per share, attributable to an aggregate gain on dispositions of Core Portfolio and Fund investments, which were partially offset by (i) $6.3 million, or $0.07 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) Fund impairment charges of $2.3 million, or $0.02 per share. FFO as Defined by NAREIT FFO for the quarter ended December 31, 2022 was $21.0 million, or $0.21 per share, which included $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons. FFO for the quarter ended December 31, 2021 was $26.7 million, or $0.28 per share, which included $1.3 million, or $0.01 per share, primarily from the unrealized mark-to-market holding loss on Albertsons. FFO for the year ended December 31, 2022 was $103.6 million, or $1.02 per share, which included $1.5 million of a gain, or $0.01 per share from the Fund III disposition of its interest in Self Storage Management, which was offset by $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons. FFO for the year ended December 31, 2021 was $117.1 million, or $1.26 per share, which included $13.8 million, or $0.15 per share, primarily from the unrealized mark-to-market holding gain on Albertsons and was offset by $6.3 million, or $0.07 per share, related to credit loss, straight-line reserves and tenant abatements, primarily due to the COVID-19 Pandemic. FFO Before Special Items FFO Before Special Items for the quarter ended December 31, 2022 was $27.8 million, or $0.27 per share, which excluded $6.8 million, or $0.07 per share, from the unrealized mark-to-market holding loss on Albertsons. FFO Before Special Items for the quarter ended December 31, 2021 was $28.0 million, or $0.30 per share, which excluded $1.3 million, or $0.01 per share, from the unrealized mark-to-market holding loss on Albertsons. FFO Before Special Items for the year ended December 31, 2022 was $120.9 million, or $1.19 per share, which excluded: (i) $15.2 million, or $0.15 per share, from the unrealized mark-to-market holding loss on Albertsons; (ii) $1.3 million, $0.01 per share of non-recurring City Point recapitalization and transaction costs and (iii) $0.9 million, or $0.01 per share for net acquisition and transaction costs from a Core acquisition. FFO Before Special Items for the year ended December 31, 2021 was $103.4 million, or $1.11 per share, which excluded $13.8 million, or $0.15 per share, from the unrealized mark-to-market holding gain on Albertsons. 2023 GUIDANCE The following initial guidance is based upon Acadia's current view of market conditions and assumptions for the year ended December 31, 2023. The Company is setting initial 2023 guidance as follows: Earnings per diluted share of $0.14 to $0.23 FFO before Special Items per diluted share of $1.17 to $1.26 Same-property NOI growth, excluding redevelopments of 5% to 6% These forecasts and comparable 2022 results, both presented below are before gains or losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company's fourth quarter 2022 supplemental information package for additional details. 2023 Annual Guidance 2022 Actuals Net earnings (loss) per share attributable to Acadia $0.14 to $0.23 $ (0.40 ) Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) $ 1.01 1.05 Impairment charges (net of noncontrolling interest share) — 0.58 (Gain) loss on disposition of properties (net of noncontrolling interest share) — (0.22 ) Noncontrolling interest in Operating Partnership 0.02 0.02 FFO to Common Shareholders and Common OP Unit holders $1.17 to $1.26 $ 1.03 Less: Impact of City point share conversion option (a) — (0.01 ) NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders $1.17 to $1.26 $ 1.02 Unrealized holding loss (gain) (net of noncontrolling interest share) (c) — 0.15 Transaction and other related costs (a), (b) — 0.02 Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders (d) $1.17 to $1.26 $ 1.19 In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, reconciliation of the assumed range of 2023 same-property NOI growth to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort due to the multiple components of the calculation which only includes properties owned for comparable periods and excludes all corporate level activity. CONFERENCE CALL Management will conduct a conference call on Wednesday, February 15, 2023 at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, February 15, 2023 Time: 11:00 AM ET Participant Registration: Fourth Quarter 2022 Registration Webcast Listen-only and Replay: www.acadiarealty.com under Investors, Presentations & Events The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based. ACADIA REALTY TRUST AND SUBSIDIARIES Consolidated Statements of Operations (a) (Dollars and Common Shares in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Revenues Rental income $ 79,335 $ 77,529 $ 317,814 $ 285,898 Other 1,243 1,828 8,476 6,599 Total revenues 80,578 79,357 326,290 292,497 Operating expenses Depreciation and amortization 33,489 32,195 135,917 123,439 General and administrative 11,298 10,570 44,066 40,125 Real estate taxes 10,275 10,909 44,932 45,357 Property operating 16,268 15,228 56,995 53,516 Impairment charges — — 33,311 9,925 Total operating expenses 71,330 68,902 315,221 272,362 Gain on disposition of properties 7,245 — 57,161 10,521 Operating income 16,493 10,455 68,230 30,656 Equity in earnings (losses) of unconsolidated affiliates 13,262 2,177 (32,907 ) 5,330 Interest and other income 4,751 2,957 14,641 9,065 Realized and unrealized holding (losses) gains on investments and other (16,579 ) (4,340 ) (34,994 ) 49,120 Interest expense (21,900 ) (17,744 ) (80,209 ) (68,048 ) (Loss) income from continuing operations before income taxes (3,973 ) (6,495 ) (65,239 ) 26,123 Income tax (provision) benefit (5 ) 306 (12 ) (93 ) Net (loss) income (3,978 ) (6,189 ) (65,251 ) 26,030 Net loss attributable to redeemable noncontrolling interests 2,343 — 5,536 — Net loss (income) attributable to noncontrolling interests 5,617 9,202 24,270 (2,482 ) Net income (loss) attributable to Acadia $ 3,982 $ 3,013 $ (35,445 ) $ 23,548 Less: net income attributable to participating securities (199 ) (156 ) (805 ) (624 ) Net income (loss) attributable to Common Shareholders - basic (loss) earnings per share $ 3,783 $ 2,857 $ (36,250 ) $ 22,924 Impact of assumed conversion of dilutive convertible securities — — (1,804 ) — Income (loss) from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share $ 3,783 $ 2,857 $ (38,054 ) $ 22,924 Weighted average shares for basic earnings (loss) per share 95,066 88,949 94,575 87,654 Weighted average shares for diluted earnings (loss) per share 95,066 88,949 94,643 87,654 Net earnings (loss) per share - basic (b) $ 0.04 $ 0.03 $ (0.38 ) $ 0.26 Net earnings (loss) per share - diluted (b) $ 0.04 $ 0.03 $ (0.40 ) $ 0.26 ACADIA REALTY TRUST AND SUBSIDIARIES Reconciliation of Consolidated Net Income (Loss) to Funds from Operations (a, c) (Dollars and Common Shares and Units in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net income (loss) attributable to Acadia $ 3,982 $ 3,013 $ (35,445 ) $ 23,548 Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) 26,903 23,393 104,910 93,388 Impairment charges (net of noncontrolling interests' share) — — 58,481 2,294 (Gain) loss on disposition of properties (net of noncontrolling interests' share) (10,245 ) — (22,137 ) (4,163 ) Income (loss) attributable to Common OP Unit holders 257 213 (1,800 ) 1,584 Distributions - Preferred OP Units 123 123 492 492 Funds from operations attributable to Common Shareholders and Common OP Unit holders - Basic $ 21,020 $ 26,742 $ 104,501 $ 117,143 Less: Impact of City point share conversion option (d) — — (906 ) — FFO to Common Shareholders and Common OP Unit holders - Diluted $ 21,020 $ 26,742 $ 103,595 $ 117,143 Adjustments for Special Items: Add back: Acquisition costs, net of bargain purchase gain (e) — — 859 — Add back: City Point acquisition and transaction related costs (e) — — 364 — Add back: Impact of City point share conversion option (d) — — 906 — Unrealized holding loss (gain) (net of noncontrolling interest share) (f) 6,786 1,302 15,165 (13,782 ) Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders (g) $ 27,806 $ 28,044 $ 120,889 $ 103,361 Funds From Operations per Share - Diluted Basic weighted-average shares outstanding, GAAP earnings 95,066 88,949 94,575 87,654 Weighted-average OP Units outstanding 6,235 5,085 6,299 5,115 Assumed conversion of Preferred OP Units to common shares 25 465 464 465 Assumed conversion of LTIP units and restricted share units to common shares — 6 — — Weighted average number of Common Shares and Common OP Units 101,326 94,505 101,338 93,234 Diluted Funds from operations, per Common Share and Common OP Unit $ 0.21 $ 0.28 $ 1.02 $ 1.26 Diluted Funds from operations before Special Items, per Common Share and Common OP Unit $ 0.27 $ 0.30 $ 1.19 $ 1.11 ACADIA REALTY TRUST AND SUBSIDIARIES Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (a) (Dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Consolidated operating income $ 16,493 $ 10,455 $ 68,230 $ 30,656 Add back: General and administrative 11,298 10,570 44,066 40,125 Depreciation and amortization 33,489 32,195 135,917 123,439 Impairment charges — — 33,311 9,925 Less: Above/below market rent, straight-line rent and other adjustments (3,239 ) (5,746 ) (20,182 ) (19,488 ) Gain on disposition of properties (7,245 ) — (57,161 ) (10,521 ) Consolidated NOI 50,796 47,474 204,181 174,136 Redeemable noncontrolling interest in consolidated NOI (1,382 ) — (1,919 ) — Noncontrolling interest in consolidated NOI (13,190 ) (14,964 ) (57,957 ) (48,401 ) Less: Operating Partnership's interest in Fund NOI included above (3,393 ) (3,820 ) (15,310 ) (12,337 ) Add: Operating Partnership's share of unconsolidated joint ventures NOI (h) 4,083 3,786 14,965 13,811 NOI - Core Portfolio $ 36,914 $ 32,476 $ 143,960 $ 127,209 ACADIA REALTY TRUST AND SUBSIDIARIES Consolidated Balance Sheets (a) (Dollars in thousands) As of December 31, 2022 December 31, 2021 ASSETS Investments in real estate, at cost Land $ 817,802 $ 739,641 Buildings and improvements 2,987,594 2,892,051 Tenant improvements 216,899 199,925 Construction in progress 21,027 11,131 Right-of-use assets - finance leases 25,086 25,086 4,068,408 3,867,834 Less: Accumulated depreciation and amortization (725,143 ) (648,461 ) Operating real estate, net 3,343,265 3,219,373 Real estate under development 184,602 203,773 Net investments in real estate 3,527,867 3,423,146 Notes receivable, net 123,903 153,886 Investments in and advances to unconsolidated affiliates 291,156 322,326 Other assets, net 229,591 186,509 Right-of-use assets - operating leases, net 37,281 40,743 Cash and cash equivalents 17,158 17,746 Restricted cash 15,063 9,813 Rents receivable, net 49,506 43,625 Assets of properties held for sale 11,057 63,952 Total assets $ 4,302,582 $ 4,261,746 LIABILITIES Mortgage and other notes payable, net $ 928,639 $ 1,140,293 Unsecured notes payable, net 696,134 559,040 Unsecured line of credit 168,287 112,905 Accounts payable and other liabilities 196,491 236,415 Lease liability - operating leases, net 35,271 38,759 Dividends and distributions payable 18,395 14,460 Distributions in excess of income from, and investments in, unconsolidated affiliates 10,505 9,939 Total liabilities 2,053,722 2,111,811 Commitments and contingencies Redeemable noncontrolling interests 67,664 — EQUITY Acadia Shareholders' Equity Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,120,773 and 89,303,545 shares, respectively 95 89 Additional paid-in capital 1,945,322 1,754,383 Accumulated other comprehensive income (loss) 46,817 (36,214 ) Distributions in excess of accumulated earnings (300,402 ) (196,645 ) Total Acadia shareholders’ equity 1,691,832 1,521,613 Noncontrolling interests 489,364 628,322 Total equity 2,181,196 2,149,935 Total liabilities, equity and redeemable noncontrolling interests $ 4,302,582 $ 4,261,746 ACADIA REALTY TRUST AND SUBSIDIARIES Notes to Financial Highlights:
businesswire.com
Read More
Acadia Realty Trust to Announce Fourth Quarter 2022 Earnings on February 14, 2023
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) will release its fourth quarter 2022 earnings on Tuesday, February 14, 2023, after market close. Management will conduct a conference call on Wednesday, February 15, 2023, at 11:00 AM ET to review the Company’s earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: Date: Wednesday, February 15, 2023 Time: 11:00 AM ET Participant Registration: Fourth Quarter 2022 Registration Webcast Listen-only and Replay: www.acadiarealty.com under Investors, Presentations & Events About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.
businesswire.com
Read More
Acadia Realty Trust Announces Tax Reporting Information for 2022 Distributions
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) has determined that the Federal tax treatment for 2022 distributions to holders of its common shares of beneficial interest (CUSIP # 004239109) traded on the NYSE under the ticker symbol “AKR” is as follows: Distribution Allocable to 2022 Record Payment Total Distribution Taxable Qualified Taxable Ordinary Total Capital Unrecaptured Section 1250 Date Date Per Share Total Dividend Dividend Gain Gain for 2022 3/31/2022 4/14/2022 $0.180000 $0.180000 $0.002044 $0.162216 $0.01574 $0.01574 6/30/2022 7/15/2022 $0.180000 $0.180000 $0.002044 $0.162216 $0.01574 $0.01574 9/30/2022 10/14/2022 $0.180000 $0.180000 $0.002044 $0.162216 $0.01574 $0.01574 12/30/2022 1/13/2023 $0.180000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 The fourth quarter 2022 distribution that the Company paid on January 13, 2023, to shareholders of record as of December 30, 2022, was treated as paid in 2023 for income tax purposes. All 2022 ordinary dividends (other than qualified dividends and capital gains) are eligible for the 20% deduction generally allowable to non-corporate shareholders under Internal Revenue Code Section 199A. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of Acadia’s distributions. About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.
businesswire.com
Read More
3 REITs to Sell FAST as Bed Bath & Beyond Heads for Bankruptcy
After months of racing toward the bottom, Bed Bath & Beyond (NASDAQ: BBBY ) stock is back in the green. The struggling retailer has been swept up in this week's meme-stock surge, described by CNBC as a “nonsense rally.
investorplace.com
Read More
Acadia Realty Trust Announces Appointment of Hope B. Woodhouse to Board of Trustees
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today announced the appointment of Hope B. Woodhouse to the Company’s Board of Trustees (the “Board”) and to the Nominating and Corporate Governance Committee of the Board, effective January 10, 2023. Ms. Woodhouse is a seasoned financial executive with substantial experience in the financial services sector having spent over 25 years in executive management roles at top-ranked, global alternative asset management firms and broker dealers. From 2005 to 2009, she served as Chief Operating Officer and as a member of the management committee of Bridgewater Associates, Inc. Between 2003 and 2005, Ms. Woodhouse was President and Chief Operating Officer of Auspex Group, L.P., and was Chief Operating Officer and a member of the management committee of Soros Fund Management LLC from 2000 to 2003. Prior to that, she held various executive leadership positions, including at Tiger Management L.L.C., and Salomon Brothers Inc. Ms. Woodhouse also presently serves as an independent director on the Boards of Two Harbors Investment Corp. (NYSE: TWO), where she has served since 2012 and is chair of the Risk Oversight Committee and a member of the Audit Committee, and Granite Point Mortgage Trust Inc. (NYSE: GPMT), where she has served since 2017 and is chair of the Compensation Committee and a member of the Nominating and Corporate Governance and Audit Committees. Ms. Woodhouse previously served as a director of Piper Jaffray Companies (NYSE: PJC), Seoul Securities Co. Ltd., Soros Funds Limited, The Bond Market Association and as a member of the investment committee at Phillips Academy, Andover, Massachusetts. Ms. Woodhouse received an A.B. degree in Economics from Georgetown University and an M.B.A. from Harvard Business School. The Company also announced today that Wendy Luscombe, an independent trustee and member of the Audit Committee and chair of the Nominating and Corporate Governance Committee of the Board, will retire from the Board effective as of January 10, 2023. Ms. Luscombe has served on the Board since 2004 and her retirement is part of the Board’s ongoing commitment to refreshment, including the appointment to the Board of Ms. Woodhouse, described above, and the recent appointment of independent trustees Mark Denien in 2022 and Kenneth A. McIntyre in 2021. Additionally, as previously announced, independent trustee Lorrence T. Kellar will retire at the expiration of his current term. “Wendy has been a valuable member of our Board for nearly 20 years and has contributed to the company in numerous ways, including with respect to her leadership on risk management, cybersecurity and ESG issues,” stated Lee S. Wielansky, Lead Trustee of Acadia’s Board. “We sincerely thank her for her exceptional dedication and service in helping to grow Acadia into the outstanding company that it is today. At the same time, we are very excited to welcome Hope to the Board. Hope’s decades of operational, financial, and risk-management expertise from her time with several premier global alternative asset management firms is impressive and will bring new perspective and insight to our Company as we continue to execute on our long-term growth strategy.” About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.
businesswire.com
Read More
Welcome Back, Goldilocks
U.S. equity markets rallied on the first week of the year after employment data showed strong job growth alongside a cool down in wage pressures, reviving hopes of a 'soft landing'. After posting declines of nearly 20% in 2022, the S&P 500 advanced 1.5% on the week- snapping a three-week skid- while the domestic-focused Mid-Cap 400 and Small-Cap 600 gained 2.5%.
seekingalpha.com
Read More
Acadia Realty Trust Provides Update on Albertsons Special Dividend
RYE, N.Y.--(BUSINESS WIRE)--Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today gave an update on the status of the Special Dividend (the “Special Dividend”) that it expected to receive from Albertsons Companies, Inc. (“Albertsons”) in the fourth quarter of 2022. Albertsons Special Dividend On October 14, 2022, in conjunction with the announcement of its entrance into a definitive merger agreement with Kroger, Albertsons also announced that it would pay a Special Dividend of approximately $6.85 per share to be payable on November 7, 2022, to shareholders of record as of the close of business on October 24, 2022. Acadia expected to recognize its pro rata share of the Special Dividend of approximately $0.11 per Acadia share in the fourth quarter of 2022. On November 3, 2022, Albertsons announced that the Attorney General of the State of Washington had been granted a temporary restraining order (“TRO”) preventing Albertsons from paying the Special Dividend, pending a hearing originally scheduled for November 10, 2022, which was then ultimately delayed to later dates in December 2022. Throughout the process, Albertsons maintained that the lawsuit brought by the State of Washington, and the similar lawsuit brought by the Attorneys General of California, Illinois, and the District of Columbia are “meritless and provide no legal basis for canceling or postponing a dividend that has been duly and unanimously approved by Albertsons Cos.’ fully informed Board of Directors.” On December 21, 2022, Albertsons announced that the State of Washington Supreme Court set a date of February 9, 2023, for the review of the TRO against the payment of Albertsons’s Special Dividend. On January 2, 2023, Albertsons further announced that their motion for an expedited review had been granted. As such, the Washington Supreme Court will review the appeal of the Attorney General of the State of Washington on January 17, 2023. The TRO will remain in effect until there is a further order issued by the Washington Supreme Court. Revisions to 2022 Guidance to Reflect Dividend not Paid in the Fourth Quarter as Originally Declared Based on the foregoing, Acadia will not recognize its share of the Special Dividend in fiscal year 2022 and is therefore reducing its full year 2022 guidance for (i) Net (loss) earnings; (ii) NAREIT Funds from operations; (iii) Net Promote and other Core and Fund profits and (iv) Funds from operations Before Special Items each by $0.11 per share attributable to Common Shareholders and Common OP Unit Holders. The Company is not updating any other of its previously expressed guidance assumptions. See revised 2022 guidance table below. Full Year Guidance as of Q3 2022 Revised for Albertsons Special Dividend Net (loss) earnings per share attributable to Common Shareholders ($0.19) to ($0.14) ($0.30) to ($0.25) Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) 1.06 to 1.03 1.06 to 1.03 Impairment charges (net of noncontrolling interest share) 0.58 0.58 Gain on disposition of properties (net of noncontrolling interests' share) (0.27) (0.27) Noncontrolling interest in Operating Partnership 0.02 0.02 NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders $1.20 to $1.22 $1.09 to $1.11 Net Promote and other Core and Fund profits (0.12) (0.01) Less: Albertsons unrealized holding losses (gains) (net of noncontrolling interest share) 0.08 0.08 Funds from operations Before Special Items, excluding Net Promote and other Core and Fund profits $1.16 to $1.18 $1.16 to $1.18 Net Promote and other Core and Fund profits 0.12 0.01 Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders $1.28 to $1.30 $1.17 to $1.19 About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com. The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements (including accretion and guidance statements), including, but not limited to: (i) the economic, political and social impact of, and uncertainty surrounding the COVID-19 Pandemic, including its impact on the Company’s tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (v) increases in the Company’s borrowing costs as a result of rising inflation, changes in interest rates and other factors, including the discontinuation of the USD London Interbank Offered Rate, which is currently anticipated to occur in 2023; (vi) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (viii) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (ix) the tenants’ ability and willingness to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (x) the Company’s potential liability for environmental matters; (xi) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi) the accuracy of the Company’s methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on its ESG efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.
businesswire.com
Read More
Acadia Realty Is Finally Cheap
Acadia's high-end retail services have high foot-traffic locations. Demand is there for their properties and it is showing up in leasing activity.
seekingalpha.com
Read More