Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”)
today reported operating results for the quarter ended March 31,
2022. 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, and net property
operating income ("NOI").
First Quarter and Recent
Highlights
- First Quarter Earnings and Operating Results Exceeded
Expectations:
- GAAP earnings per share of $0.18, FFO per share of $0.36 and
FFO Before Special Items per share of $0.33
- Same-property NOI increased by 9.7%
- Increased 2022 FFO Before Special Items guidance to $1.17 to
$1.32 (from $1.15 to $1.31)
- Accretive Core and Fund Transactional Activity:
- During the first quarter and post-quarter to date, completed
approximately $380 million of investments
- Core: Completed four street acquisitions for approximately $250
million
- Fund V: Completed two high-yield acquisitions for approximately
$130 million
- Core Portfolio Leasing:
- GAAP and cash leasing spreads of 10.6% and 7.8%, respectively,
on comparable new and renewal leases
- Increased leased rate to 94.1% as of March 31, 2022 compared to
93.2% leased as of December 31, 2021
- Balance Sheet:
- Raised gross proceeds of $123.9 million (of which approximately
$96 million was previously announced) at an average gross issuance
price per share of approximately $22.50 through the Company's
at-the-market equity program to fund external growth during the
first quarter and post-quarter to date
- Entered into a $175 million five-year term loan to repay
outstanding amounts under the revolving credit facility
- Effectively fixed its interest rate exposure on the Company's
Core borrowings (inclusive of interest rate swaps, structured
finance loans and cash on hand)
“Notwithstanding significant volatility in the capital markets,
we continue to see strong tenant demand for our locations and
strong performance from our retailers,” stated Kenneth F.
Bernstein, President and CEO of Acadia Realty Trust. "This strong
internal growth combined with a robust acquisition pipeline
positions us for significant earnings growth in excess of prior
expectations. Additionally, our Core balance sheet remains
well-hedged and poised to withstand the current environment."
CORE PORTFOLIO OPERATING
RESULTS
The Company exceeded expectations with GAAP earnings per share
of $0.18, FFO per share of $0.36 and FFO Before Special Items per
share of $0.33. Please refer to the Consolidated Financial Results
section below for additional details.
Driven by rent commencements on new leases and improved credit
conditions, the Company's same-property NOI, excluding
redevelopments, increased 9.7% for the first quarter 2022 as
compared to the first quarter 2021.
For the quarter ended March 31, 2022, the Company's pro-rata
share of credit losses and reserves was a benefit of $1.3 million,
inclusive of a benefit from approximately $1.3 million of
previously-reserved tenant accounts and a straight-line rent
reserve benefit of $1.1 million from moving certain tenants from
cash basis to the accrual method.
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
First Quarter 2022 Credit Losses and
Reserves
Credit Loss and Abatements - Billed Rents
and Recoveries
$0.1
$0.9
$0.1
$1.1
$0.01
Prior Period (Benefit), Net
(0.6)
(0.6)
(0.1)
(1.3)
(0.01)
Straight-Line Rent Reserves (Benefit)
N/A
(1.0)
(0.1)
(1.1)
(0.01)
Total
$(0.5)
$(0.7)
$(0.1)
$(1.3)
$(0.01)
CORE AND FUND TRANSACTIONAL
ACTIVITY
During the first quarter and post-quarter to date, the Company
completed approximately $380 million of investments as follows:
Core Acquisitions
The Company completed four Core acquisitions totaling
approximately $250 million during the first quarter and
post-quarter to date as follows (amounts below are inclusive of
transaction costs).
Henderson Avenue Portfolio, Dallas, Texas. In April 2022,
the Company completed its first acquisition in the Knox-Henderson
corridor of Dallas, Texas with its purchase of the Henderson Avenue
Portfolio ("Portfolio") for $85.4 million. The Portfolio is
comprised of 15 retail assets along with future development and
redevelopment sites on Henderson Avenue. The Portfolio is located
in the heart of rapidly growing East Dallas, and in proximity to
the city's most affluent communities of Highland Park, University
Park, Uptown and Lakewood.
Henderson Avenue is evolving into a vibrant neighborhood,
becoming one of the trendiest and most desirable areas in Dallas.
The street is one of the few walkable destinations in the city and
offers residents and visitors a unique, authentic district
experience in a predominantly car-centric environment. The
Portfolio already includes a strong line up of digitally-native
retailers such as Warby Parker, Tecovas and Bonobos, and a
collection of some of the most popular restaurants in the city. The
demonstrated success of the retailers and restauranteurs on
Henderson Avenue serves as a promising proof of concept for what is
to come. The Portfolio also includes a high performing Sprouts
Farmers Market.
With approvals in place for the development site and plans to
invest in the Portfolio and the surrounding neighborhood, Henderson
Avenue is poised to become a thriving retail corridor similar to
the other street markets where the Company has successfully
invested in across the country. Significant redevelopment and
densification opportunities will enable the Company to add retail
and office space to the Portfolio and further connect and activate
this already thriving district. These improvements will have an
emphasis on placemaking and will bring distinct architecture,
public spaces, local art and expanded parking capacity to Henderson
Avenue. The Company intends to partner with a local development
team to oversee the execution of these projects.
The Core acquisitions below have been previously announced.
8833 Beverly Boulevard, West Hollywood, California. In
March 2022, the Company, in conjunction with Osiris Ventures,
completed the acquisition of 8833 Beverly Boulevard in the Design
District of West Hollywood, California for $24.1 million expanding
its existing footprint in Los Angeles. The property is leased to
Luxury Living Group, a leading Italian furniture manufacturer in
the luxury lifestyle sector with collections for Fendi Casa,
Bentley Home, Trussardi Casa, Paul Mathieu, Bugatti Home, Heritage
Collection and Ritz Paris Home Collection. The West Hollywood
submarket continues to be desired by design, fashion and restaurant
retailers and benefits from high income and supply constrained
corridors.
Williamsburg Collection, Brooklyn, New York. In February
2022, the Company completed an investment in a collection of 11
retail storefronts and 23 residential units for $97.8 million on
Bedford Avenue in the Williamsburg neighborhood of Brooklyn, New
York. Williamsburg has emerged as one of the leading retail
submarkets in New York City, fueled by robust tenant expansion and
increasing residential density. The collection is leased to a
variety of national and specialty tenants, many of which are top
producing stores in their chain. Tenants at the property include
Sephora, Sweetgreen, Levain Bakery and Alo Yoga, and when combined
with adjacent retailers including Apple, Whole Foods and Equinox,
create a natural center of gravity for the market.
121 Spring Street, New York, New York. In January 2022,
the Company acquired a retail condominium on the corner of Greene
Street and Spring Street in Soho for $39.6 million and is leased to
Bang & Olufsen.
Fund V Acquisitions
Fund V completed two acquisitions for approximately $130 million
during the first quarter as follows (amounts below are inclusive of
transaction costs).
Wood Ridge Plaza, The Woodlands (Houston), Texas. In
March 2022, Fund V, a 90% partner in the joint venture with DLC
Management Corp. ("DLC"), completed the acquisition of Wood Ridge
Plaza for $49.3 million. This property is strategically located
along Interstate 45, a primary north-south thoroughfare for the
city, connecting Dallas with Houston and Galveston and is
positioned directly across from The Woodlands Mall, one of the most
dominant malls in Houston. Tenants at the property include
Kirkland's and Skechers.
La Frontera Village, Round Rock (Austin), Texas. In March
2022, Fund V, a 90% partner in the joint venture with DLC,
completed the acquisition of La Frontera Village for $81.4 million.
The property is a necessity-oriented center with a strong line up
of high performing tenants including Kohl's, Burlington, Hobby
Lobby, Marshalls and Old Navy. The Austin economy has been
expanding rapidly due to the increased presence of technology
giants like Dell, IBM, Apple, Samsung, Tesla and Amazon.
Fund Dispositions
Northeast Grocer Portfolio (Fund IV). In January and
March 2022, Fund IV completed the disposition of its two remaining
properties located in Pennsylvania within its Northeast Grocer
Portfolio for $45.4 million and repaid the mortgages on the
properties aggregating $23.3 million.
Cortlandt Crossing (Fund III). In February 2022, Fund III
completed the disposition of a grocery-anchored Shop Rite property
located in Westchester County, New York for $65.5 million and
repaid the mortgage of $34.5 million.
Self Storage Management (Fund III). In March 2022, Fund
III sold its 50% interest in Storage Post's operating company for
approximately $6 million, of which the Company's share was $1.5
million.
CORE PORTFOLIO LEASING
During the first quarter, GAAP and cash leasing spreads were
10.6% and 7.8%, respectively, on 25 conforming new and renewal
leases aggregating approximately 298,000 square feet.
The Core Portfolio was 90.5% occupied and 94.1% leased as of
March 31, 2022 compared to 90.0% occupied and 93.2% leased as of
December 31, 2021. The leased rate includes space that is leased
but not yet occupied and excludes development and redevelopment
properties.
BALANCE SHEET
During the first quarter and post-quarter to date, the Company
raised gross proceeds of approximately $123.9 million (of which
approximately $96 million was previously announced) at an average
gross issuance price per share of approximately $22.50 through its
at-the-market equity program to fund external growth.
In April 2022, the Company entered into a $175 million five-year
term loan to repay outstanding amounts under the revolving credit
facility.
The Company has effectively fixed its interest rate exposure on
the Company's Core borrowings (inclusive of interest rate swaps,
structured finance loans and cash on hand).
CONSOLIDATED FINANCIAL
RESULTS
A complete reconciliation, in dollars and per share amounts, of
(i) net 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.
Net Income
Net income attributable to Acadia for the quarter ended March
31, 2022 was $16.8 million, or $0.18 per share, which included: (i)
$8.3 million gain, or $0.08 per share, on dispositions and (ii)
$3.6 million, or $0.04 per share, primarily from the unrealized
mark-to-market gain on its investment in Albertsons supermarkets
("Albertsons"), offset by $0.9 million, or $0.01 per share for net
acquisition and transaction costs from a Core acquisition.
Net income attributable to Acadia for the quarter ended March
31, 2021 was $4.8 million, or $0.05 per share, which included: (i)
$5.1 million, or $0.06 per share, attributable to an aggregate gain
on dispositions of Core and Fund investments and (ii) $1.4 million,
or $0.02 per share, primarily from the unrealized mark-to-market
gain on Albertsons. These benefits were partially offset by $3.7
million, or $0.04 per share, related to credit loss, straight-line
rent reserves and tenant abatements, primarily due to the COVID-19
Pandemic.
FFO as Defined by NAREIT
FFO for the quarter ended March 31, 2022, was $35.4 million, or
$0.36 per share, and included: (i) $3.6 million, or $0.04 per
share, primarily from the unrealized mark-to-market gain on
Albertsons and (ii) $1.5 million, or $0.01 per share from the Fund
III disposition of its interest in Self Storage Management.
FFO for the quarter ended March 31, 2021, was $24.0 million, or
$0.26 per share, which included $1.4 million, or $0.02 per share,
primarily from the unrealized mark-to-market gain on Albertsons.
This benefit was partially offset by $3.7 million, or $0.04 per
share, related to credit loss, straight-line rent reserves and
tenant abatements, primarily due to the COVID-19 Pandemic.
FFO Before Special Items
FFO Before Special Items for the quarter ended March 31, 2022
was $32.7 million, or $0.33 per share, which excluded: $3.6
million, or $0.04 per share, primarily from the unrealized
mark-to-market gain on Albertsons offset by $0.9 million, or $0.01
per share for net acquisition and transaction costs from a Core
acquisition.
FFO Before Special Items for the quarter ended March 31, 2021
was $22.6 million, or $0.25 per share, which excluded $1.4 million,
or $0.02 per share, primarily from the unrealized mark-to-market
gain on Albertsons.
2022 GUIDANCE
The Company increased its annual 2022 guidance of earnings per
share, NAREIT Funds from operations and FFO Before Special Items
attributable to Common Shareholders and Common OP Unit holders.
Additionally, the Company updated its net income and FFO to reflect
the unrealized holding gains recognized related to its investment
in Albertsons through March 31, 2022. The Company has not reflected
any forward-looking estimates involving future unrealized holding
gains (i.e. changes in share price) on Albertsons in its net income
and FFO guidance assumptions. The revised guidance is based upon
Acadia's current view of existing market conditions and assumptions
for the year ending December 31, 2022.
2022 Guidance
Revised
Prior
Net earnings per share attributable to
Common Shareholders
$0.25 to $0.37
$0.19 to $0.32
Depreciation of real estate and
amortization of leasing costs (net of noncontrolling interests'
share)
1.01 to 1.04
1.01 to 1.04
Gain on disposition of properties (net of
noncontrolling interests' share)
(0.07)
(0.07)
Noncontrolling interest in Operating
Partnership
0.02
0.02
NAREIT Funds from operations per share
attributable to Common Shareholders and Common OP Unit
holders
$1.21 to $1.36
$1.15 to $1.31
Net Promote and other Core and Fund
profits
(0.06) to (0.11)
(0.06) to (0.10)
Funds from operations, excluding Net
Promote and other Core and Fund profits
$1.15 to $1.25
$1.09 to $1.21
Adjustments for Special Items:
Less: Albertsons unrealized holding gain
(net of noncontrolling interest share) for the three months ended
March 31, 2022
(0.04)
—
Net Promote and other Core and Fund
profits
0.06 to 0.11
0.06 to 0.10
Funds from operations Before
Special Items per share attributable to Common Shareholders and
Common OP Unit holders
$1.17 to $1.32
$1.15 to $1.31
CONFERENCE CALL
Management will conduct a conference call on Tuesday, May 3,
2022 at 11:00 AM ET to review the Company’s earnings and operating
results. Dial-in and webcast information is listed below.
Live Conference Call:
Date: Tuesday, May 3, 2022 Time: 11:00 AM ET Dial#: 844-309-6711
Passcode: “Acadia Realty” or “8591189” Webcast (Listen-only):
www.acadiarealty.com under Investors,
Presentations & Events
Phone Replay:
Dial#: 855-859-2056 Passcode: "8591189” Available Through:
Tuesday, May 10, 2022
Webcast 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,
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
Income (a)
(Dollars and Common Shares in
thousands, except per share data)
Three Months Ended March
31,
2022
2021
Revenues
(As Restated)(b)
Rental income
$
79,467
$
65,998
Other
2,040
2,189
Total revenues
81,507
68,187
Operating expenses
Depreciation and amortization
33,713
30,640
General and administrative
11,937
8,992
Real estate taxes
11,280
11,206
Property operating
13,350
13,209
Total operating expenses
70,280
64,047
Gain on disposition of properties
28,815
4,612
Operating income
40,042
8,752
Equity in earnings of unconsolidated
affiliates
3,130
1,882
Interest and other income
2,935
1,700
Realized and unrealized holding gains on
investments and other
15,730
5,125
Interest expense
(17,925
)
(16,614
)
Income from continuing operations before
income taxes
43,912
845
Income tax benefit (provision)
185
(148
)
Net income
44,097
697
Net (income) loss attributable to
noncontrolling interests
(27,259
)
4,120
Net income attributable to Acadia
$
16,838
$
4,817
Less: net income attributable to
participating securities
(204
)
(156
)
Net income attributable to Common
Shareholders - basic and diluted earnings per share
$
16,634
$
4,661
Weighted average shares for basic and
diluted earnings per share
93,310
86,346
Net earnings per share - basic and
diluted (C)
$
0.18
$
0.05
ACADIA REALTY TRUST AND
SUBSIDIARIES
Reconciliation of Consolidated
Net Income (Loss) to Funds from Operations (a, d)
(Dollars and Common Shares and
Units in thousands, except per share data)
Three Months Ended March
31,
2022
2021
(As Restated)(b)
Net income attributable to Acadia
$
16,838
$
4,817
Depreciation of real estate and
amortization of leasing costs (net of noncontrolling interests'
share)
24,313
23,807
Gain on disposition of properties (net of
noncontrolling interests' share)
(6,876
)
(5,096
)
Income attributable to Common OP Unit
holders
998
347
Distributions - Preferred OP Units
123
123
Funds from operations attributable to
Common Shareholders and Common OP Unit holders
$
35,396
$
23,998
Adjustments for Special Items:
Add back: Acquisition costs, net of
bargain purchase gain
859
—
Less: Unrealized holding (gain) loss and
other (net of noncontrolling interest share)
(3,570
)
(1,399
)
Funds from operations before Special
Items attributable to Common Shareholders and Common OP Unit
holders
$
32,685
$
22,599
Funds From Operations per Share -
Diluted
Basic weighted-average shares outstanding,
GAAP earnings
93,286
86,323
Weighted-average OP Units outstanding
5,314
5,120
Assumed conversion of Preferred OP Units
to common shares
465
465
Assumed conversion of LTIP units and
restricted share units to common shares
38
23
Weighted average number of Common Shares
and Common OP Units
99,103
91,931
Diluted Funds from operations, per Common
Share and Common OP Unit
$
0.36
$
0.26
Diluted Funds from operations before
Special Items, per Common Share and Common OP Unit
$
0.33
$
0.25
ACADIA REALTY TRUST AND
SUBSIDIARIES
Reconciliation of Consolidated
Operating Income (Loss) to Net Property Operating Income
(“NOI”) (a)
(Dollars in thousands)
Three Months Ended March
31,
2022
2021
(As Restated)(b)
Consolidated operating income
$
40,042
$
8,752
Add back:
General and administrative
11,937
8,992
Depreciation and amortization
33,713
30,640
Less:
Above/below market rent, straight-line
rent and other adjustments
(6,596
)
(4,456
)
Gain on disposition of properties
(28,815
)
(4,612
)
Consolidated NOI
50,281
39,316
Noncontrolling interest in consolidated
NOI
(15,785
)
(10,272
)
Less: Operating Partnership's interest in
Fund NOI included above
(4,073
)
(2,535
)
Add: Operating Partnership's share of
unconsolidated joint ventures NOI (e)
3,773
3,300
NOI - Core Portfolio
$
34,196
$
29,809
ACADIA REALTY TRUST AND
SUBSIDIARIES
Consolidated Balance
Sheets (a)
(Dollars in thousands)
As of
March 31, 2022
December 31, 2021
ASSETS
Investments in real estate, at cost
Land
$
821,841
$
739,641
Buildings and improvements
3,014,853
2,892,051
Tenant improvements
206,755
199,925
Construction in progress
7,825
11,131
Right-of-use assets - finance leases
25,086
25,086
4,076,360
3,867,834
Less: Accumulated depreciation and
amortization
(669,783
)
(648,461
)
Operating real estate, net
3,406,577
3,219,373
Real estate under development
192,115
203,773
Net investments in real estate
3,598,692
3,423,146
Notes receivable, net
153,161
153,886
Investments in and advances to
unconsolidated affiliates
413,141
322,326
Other assets, net
198,767
186,509
Right-of-use assets - operating leases,
net
39,885
40,743
Cash and cash equivalents
36,151
17,746
Restricted cash
11,875
9,813
Rents receivable, net
44,509
43,625
Assets of properties held for sale
—
63,952
Total assets
$
4,496,181
$
4,261,746
LIABILITIES
Mortgage and other notes payable, net
$
1,095,445
$
1,140,293
Unsecured notes payable, net
529,796
559,040
Unsecured line of credit
194,405
112,905
Accounts payable and other liabilities
202,526
236,415
Lease liability - operating leases,
net
37,936
38,759
Dividends and distributions payable
18,320
14,460
Distributions in excess of income from,
and investments in, unconsolidated affiliates
9,547
9,939
Total liabilities
2,087,975
2,111,811
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value,
authorized 200,000,000 shares, issued and outstanding 94,507,864
and 89,303,545 shares, respectively
95
89
Additional paid-in capital
1,864,060
1,754,383
Accumulated other comprehensive loss
(5,724
)
(36,214
)
Distributions in excess of accumulated
earnings
(196,818
)
(196,645
)
Total Acadia shareholders’ equity
1,661,613
1,521,613
Noncontrolling interests
746,593
628,322
Total equity
2,408,206
2,149,935
Total liabilities and equity
$
4,496,181
$
4,261,746
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
- For additional information and analysis concerning the
Company’s balance sheet and results of operations, reference is
made to the Company’s quarterly supplemental disclosures for the
relevant periods furnished on the Company's Current Report on Form
8-K made available on the Company’s website at
www.acadiarealty.com.
- See the Company's Annual Report on Form 10-K and revised
Restatement 8-K filed with the SEC on March 1, 2022 for a detailed
reconciliation to previously reported amounts and a detailed
description of adjustments thereon. The restatement primarily
impacted the classification of certain amounts within the Company’s
consolidated balance sheets, statements of operations and
statements of cash flows.
- Diluted earnings per share reflects the potential dilution that
could occur if securities or other contracts to issue common shares
of the Company were exercised or converted into common shares. The
effect of the conversion of units of limited partnership interest
(“OP Units”) in Acadia Realty Limited Partnership, the “Operating
Partnership” of the Company, is not reflected in the above table;
OP Units are exchangeable into common shares on a one-for-one
basis. The income allocable to such OP units is allocated on the
same basis and reflected as noncontrolling interests in the
consolidated financial statements. As such, the assumed conversion
of these OP Units would have no net impact on the determination of
diluted earnings per share.
- The Company considers funds from operations (“FFO”) as defined
by the National Association of Real Estate Investment Trusts
(“NAREIT”) and net property operating income (“NOI”) to be
appropriate supplemental disclosures of operating performance for
an equity REIT due to their widespread acceptance and use within
the REIT and analyst communities. In addition, the Company believes
that given the atypical nature of certain unusual items (as further
described below), “FFO Before Special Items” is also an appropriate
supplemental disclosure of operating performance. FFO, FFO Before
Special Items and NOI are presented to assist investors in
analyzing the performance of the Company. They are helpful as they
exclude various items included in net income that are not
indicative of the operating performance, such as gains (losses)
from sales of real estate property, depreciation and amortization,
and impairment of real estate property. In addition, NOI excludes
interest expense and FFO Before Special Items excludes certain
unusual items (as further described below). The Company’s method of
calculating FFO and NOI may be different from methods used by other
REITs and, accordingly, may not be comparable to such other REITs.
Neither FFO nor FFO Before Special Items represent cash generated
from operations as defined by generally accepted accounting
principles (“GAAP”), or are indicative of cash available to fund
all cash needs, including distributions. Such measures should not
be considered as an alternative to net income (loss) for the
purpose of evaluating the Company’s performance or to cash flows as
a measure of liquidity. Consistent with the NAREIT definition, the
Company defines FFO as net income (computed in accordance with
GAAP), excluding gains (losses) from sales of real estate property,
plus depreciation and amortization, impairment of real estate
property, and after adjustments for unconsolidated partnerships and
joint ventures. Also consistent with NAREIT’s definition of FFO,
the Company has elected to include gains and losses incidental to
its main business (including those related to its RCP investments
such as Albertsons) in FFO. FFO Before Special Items begins with
the NAREIT definition of FFO and adjusts FFO to take into account
FFO without regard to certain unusual items including charges,
income and gains that management believes are not comparable and
indicative of the results of the Company’s operating real estate
portfolio and, in particular, the impact of the mark-to-market gain
and loss attributable to the Company's investment in
Albertsons.
- The pro-rata share of NOI is based upon the Operating
Partnership’s stated ownership percentages in each venture or
Fund’s operating agreement and does not include the Operating
Partnership's share of NOI from unconsolidated joint ventures
within the Funds.
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Sunny Holcomb (914) 288-8100
Acadia Realty (NYSE:AKR)
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