SEC Filings

ACADIA REALTY TRUST filed this Form 8-K on 04/25/2019
Entire Document


Exhibit 99.1


RYE, NY (April 24, 2019) - Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2019. All per share amounts are on a fully-diluted basis.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates assets in the nation’s most dynamic urban and street-retail 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, funds from operations ("FFO") and net operating income ("NOI").


Earnings: Generated GAAP earnings per share of $0.15 and FFO per share of $0.39 for the first quarter

Core Portfolio Operating Results:


Strong same-property net operating income growth of 4.6% for the first quarter (excluding redevelopments)


Continued leasing progress across the portfolio including the execution of several key street leases at Lincoln Park Chicago along with Madison Avenue in New York City


Strong rent spreads of 26.9% and 8.3% on new leases for the quarter on a GAAP and cash basis, respectively


Reported 94.6% leased occupancy as of March 31, 2019

Core Acquisition Activity: During the first quarter, acquired, or entered into contracts to acquire a retail portfolio in Soho NYC for $96 million, of which $32 million has closed as of March 31, 2019

Fund Acquisition Activity: Fund V completed a $48.5 million acquisition during the first quarter

Balance Sheet: Maintained conservative leverage levels by match-funding closed acquisitions; raising gross proceeds during the first quarter of $28.2 million at an average price per share of approximately $29 through the Company’s at-the-market (“ATM”) program. At March 31, 2019, approximately 96% of Core debt was fixed at an average rate of 3.8% with a weighted-average maturity of 5.6 years

“I am pleased to report that 2019 is off to a strong start. This quarter our Core Portfolio has again delivered strong growth,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Importantly, we are selectively adding high-quality street retail properties to our Core Portfolio. We are also seeing an increase in compelling investment opportunities in our fund business. Thus, by maintaining a healthy balance sheet, with plenty of dry powder, along with strong internal growth over the next several years, we are well positioned to create meaningful value for the benefit of all of our stakeholders.”


A complete reconciliation, in dollars and per share amounts, of net income attributable to common shareholders to FFO attributable to common shareholders is included in the financial tables of this release.

Net Income

Net income attributable to common shareholders for the quarter ended March 31, 2019 was $12.2 million, or $0.15 per share, including $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture. Net income attributable to common shareholders for the quarter ended March 31, 2018 was $7.4 million, or $0.09 per share.