- Earnings and Operating Metrics Outperformed
Expectations
- Core Cash Rent Spreads in Excess of 50% on New
Leases
- Multi-Year Internal Growth Affirmed with Significant Leasing
Progress Completed During the Quarter
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”)
today reported operating results for the quarter ended September
30, 2023. For the quarter ended September 30, 2023, net loss per
share was $0.02. 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 corridors, along with an institutional fund business
("Funds") that targets opportunistic and value-add investments.
Kenneth F. Bernstein, President and CEO of Acadia Realty
Trust, commented:
“This quarter marks the eighth of the last ten quarters with our
Core same-property NOI growth at 5% or higher with an average of
6.8% over that period. Despite macro uncertainties, this
consistently strong internal growth is driven by great tenant
demand and tenant performance. Additionally, we are strategically
pursuing accretive investment opportunities emerging from capital
market disruptions, remaining actively engaged with our
institutional capital partners to benefit both Acadia's
shareholders and our partners."
THIRD QUARTER HIGHLIGHTS
- NAREIT FFO per share of $0.26 and FFO Before Special
Items per share of $0.27
- Same-property NOI growth of 5.8%
- Core Cash rent spreads in excess of 50% on new leases
- Signed several new street leases in Soho and Williamsburg, NYC
totaling over $4 million in annual base rents with individual cash
spreads ranging from 45%-95%
- Core Signed Not Open Pipeline (excluding redevelopment)
increased $1.5 million from the second quarter to $8.3 million of
annual base rents, representing approximately 6% of in-place
rents
- Solid balance sheet with no significant Core debt maturities
until 2026; very limited interest rate risk with Core debt,
which is currently 93% fixed and remains substantially fixed
through 2026 inclusive of swaps
- Closed on a $49.4 million Fund V acquisition in Tampa
FL, funded with a new origination 65% Loan-to-Value non-recourse
mortgage
- Increased and narrowed annual 2023 FFO guidance (refer
to guidance table on page 4)
- The mid-point of guidance for 2023 FFO Before Special Items
represents year-over-year growth above 5%
FINANCIAL RESULTS
A complete reconciliation, in dollars and per share amounts, of
(i) net loss 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 Loss
- Net loss for the quarter ended September 30, 2023 was $1.7
million, or $0.02 per share, and was impacted by a $0.01 per share
non-cash impairment charge for a Fund asset (see below).
- This compares with net loss of $57.9 million, or $0.61 per
share for the quarter ended September 30, 2022. Net loss for the
quarter ended September 30, 2022 included: (i) Core and Fund
impairment charges of $58.5 million, or $0.58 per share and (ii)
$3.1 million loss, or $0.03 per share, from the unrealized
investment holding loss, partially offset by a $2.1 million gain,
or $0.02 per share, on a Fund disposition.
NAREIT FFO
- NAREIT FFO for the quarter ended September 30, 2023 was $26.8
million, or $0.26 per share.
- This compares with NAREIT FFO of $24.7 million, or $0.24 per
share, for the quarter ended September 30, 2022.
FFO Before Special Items
- FFO Before Special Items for the quarter ended September 30,
2023 was $27.6 million, or $0.27 per share, which includes $2.4
million, or $0.02 per share, of realized investment gains (100,000
shares of Albertsons' stock sold at $23.74 per share).
- This compares with FFO Before Special Items of $28.1 million,
or $0.28 per share for the quarter ended September 30, 2022.
CORE PORTFOLIO PERFORMANCE
Same-Property NOI
- Same-property NOI, excluding redevelopments, increased 5.8% for
the quarter ended September 30, 2023 and 5.9% during the nine
months ended September 30, 2023.
Leasing and Occupancy
Update
- Driven by street leases, overall GAAP and cash leasing spreads
were 39.3% and 29.5%, respectively, on 17 conforming new and
renewal leases aggregating approximately 86,000 square feet during
the quarter ended September 30, 2023.
- During the quarter ended September 30, 2023, the Company signed
several new street leases in Soho and Williamsburg, NYC, totaling
over $4 million in annual base rents with individual cash spreads
ranging from 45% to 95%.
- As of September 30, 2023, the Core Portfolio was 95.3% leased
and 92.4% occupied compared to 95.2% leased and 92.2% occupied as
of June 30, 2023. The leased rate includes space that is leased but
not yet occupied and excludes development and redevelopment
properties.
- Core Signed Not Open Pipeline (excluding redevelopments)
increased $1.5 million from the second quarter to $8.3 million of
annual base rents, representing approximately 6% of in-place
rents.
BALANCE SHEET
- As of September 30, 2023, approximately 93% of Core debt was
fixed or effectively fixed, inclusive of interest rate swap
contracts at a blended rate of 4.27%. The Company has limited
near-term maturity and interest rate risk on its $1.2 billion of
Core debt with 2.7%, 3.9% and 10.7% maturing in 2023, 2024 and
2025, respectively, assuming all extension options are exercised.
At September 30, 2023, the Company had $856 million of notional
swap agreements associated with managing and mitigating future
interest rate risk on maturing Core debt with various maturities
through 2030.
- On October 27, 2023, the Company completed the transfer of its
146 Geary property in Union Square, San Francisco (Fund IV) to its
lender, in connection with a non-recourse loan, which had an
outstanding principal balance of $19.3 million (or $4.4 million at
the Company's share). The Company recorded a non-cash impairment
charge of $3.7 million, or $ 0.9 million at the Company's share
during the third quarter and will be earnings accretive
prospectively.
FUND V TRANSACTIONAL ACTIVITY
- Cypress Creek, Lutz (Tampa), Florida. As previously
announced, in July 2023, Fund V completed its purchase of a 100%
interest in Cypress Creek for $49.4 million, inclusive of
transaction costs. The asset is leased to anchors including
Burlington Coat Factory, Total Wine and Home Goods. Shop space
includes national tenants Chipotle, Verizon, T-Mobile, Five Below
and Aspen Dental.
GUIDANCE
The Company updated its annual 2023 guidance as follows:
2023 Guidance
Revised
Prior
Net earnings per share attributable to
Acadia
$0.28-$0.31
$0.25-$0.33
Depreciation of real estate and
amortization of leasing costs (net of noncontrolling interest
share)
1.01
1.01
Impairment charges (net of noncontrolling
interest share)
0.01
—
Noncontrolling interest in Operating
Partnership
0.02
0.02
NAREIT Funds from operations per share
attributable to Common Shareholders and Common OP Unit
holders
$1.32-$1.35
$1.28-$1.36
Unrealized holding (gain) loss (net of
noncontrolling interest share)
(0.03)
(0.02)
Funds from operations Before Special
Items per share attributable to Common Shareholders and Common OP
Unit holders
$1.29-$1.32
$1.26-$1.34
Incremental portion of gain from BBBY
lease termination 1
(0.05)
(0.05)
Funds from operations Before Special
Items per share attributable to Common Shareholders and Common OP
Unit holders, excluding excess BBBY gain
$1.24-$1.27
$1.21-$1.29
__________
- Results for the three months ended June 30, 2023 included a
gain of $0.08 per share from the termination of the Bed Bath and
Beyond ("BBBY") below-market lease at 555 9th Street in San
Francisco. The Company had budgeted $0.03 per share to be realized
throughout 2023 within its initial full year 2023 guidance
associated with this lease, resulting in an incremental $0.05 per
share relative to its prior full year 2023 guidance.
CONFERENCE CALL
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 Dial-In
Participant webcast:
Third Quarter 2023 Webcast
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 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) macroeconomic conditions, including
geopolitical conditions and instability, which may lead to a
disruption of or lack of access to the capital markets, disruptions
and instability in the banking and financial services industries
and rising inflation; (ii) the Company’s success in implementing
its business strategy and its ability to identify, underwrite,
finance, consummate and integrate diversifying acquisitions and
investments; (iii) 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; (iv) 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 was effected on June
30, 2023; (v) the Company’s ability to pay down, refinance,
restructure or extend its indebtedness as it becomes due; (vi) 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;
(vii) the Company’s ability to obtain the financial results
expected from its development and redevelopment projects; (viii)
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; (ix) the
Company’s potential liability for environmental matters; (x) damage
to the Company’s properties from catastrophic weather and other
natural events, and the physical effects of climate change; (xi)
the economic, political and social impact of, and uncertainty
surrounding, any public health crisis, such as COVID-19 Pandemic,
which adversely affected the Company and its tenants’ business,
financial condition, results of operations and liquidity; (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;
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, 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 to reflect any changes in the Company’s
expectations with regard thereto or changes in the events,
conditions or circumstances on which such forward-looking
statements are based.
ACADIA REALTY TRUST AND
SUBSIDIARIES
Consolidated Statements of
Income (1)
(Dollars and Common Shares and
Units in thousands, except share and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
Rental income
$
79,961
$
78,453
$
248,839
$
238,479
Other
1,431
1,493
4,340
7,233
Total revenues
81,392
79,946
253,179
245,712
Operating expenses
Depreciation and amortization
33,726
33,744
100,955
102,428
General and administrative
10,309
10,170
30,898
32,768
Real estate taxes
11,726
11,749
34,586
34,657
Property operating
15,254
13,810
44,597
40,727
Impairment charges
3,686
33,311
3,686
33,311
Total operating expenses
74,701
102,784
214,722
243,891
Gain on disposition of properties
—
8,885
—
49,916
Operating income (loss)
6,691
(13,953
)
38,457
51,737
Equity in losses of unconsolidated
affiliates
(4,865
)
(50,579
)
(6,273
)
(46,169
)
Interest and other income
5,087
3,994
14,875
9,890
Realized and unrealized holding gains
(losses) on investments and other
1,664
(7,862
)
30,236
(18,415
)
Interest expense
(24,885
)
(21,162
)
(68,561
)
(58,309
)
(Loss) income from continuing operations
before income taxes
(16,308
)
(89,562
)
8,734
(61,266
)
Income tax benefit (provision)
40
17
(248
)
(7
)
Net (loss) income
(16,268
)
(89,545
)
8,486
(61,273
)
Net loss attributable to redeemable
noncontrolling interests
2,495
3,193
5,661
3,193
Net loss attributable to noncontrolling
interests
12,347
30,461
7,063
18,653
Net (loss) income attributable to
Acadia shareholders
$
(1,426
)
$
(55,891
)
$
21,210
$
(39,427
)
Less: net income attributable to
participating securities
(244
)
(198
)
(734
)
—
Net (loss) income attributable to Common
Shareholders - basic earnings per share
$
(1,670
)
$
(56,089
)
$
20,476
$
(39,427
)
Impact of assumed conversion of dilutive
convertible securities
—
(1,804
)
—
(1,804
)
(Loss) income from continuing operations
net of income attributable to participating securities for diluted
earnings per share
$
(1,670
)
$
(57,893
)
$
20,476
$
(41,231
)
Weighted average shares for basic (loss)
earnings per share
95,320
94,980
95,257
94,758
Weighted average shares for diluted (loss)
earnings per share
95,320
95,251
95,257
94,849
Net (loss) earnings per share - basic
(2)
$
(0.02
)
$
(0.59
)
$
0.21
$
(0.42
)
Net (loss) earnings per share - diluted
(2)
$
(0.02
)
$
(0.61
)
$
0.21
$
(0.43
)
ACADIA REALTY TRUST AND
SUBSIDIARIES
Reconciliation of Consolidated
Net Income to Funds from Operations (1,3)
(Dollars and Common Shares and
Units in thousands, except share and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net (loss) income attributable to
Acadia
$
(1,426
)
$
(55,891
)
$
21,210
$
(39,427
)
Depreciation of real estate and
amortization of leasing costs (net of noncontrolling interests'
share)
27,351
27,097
82,043
78,007
Impairment charges (net of noncontrolling
interests' share)
852
58,481
852
58,481
(Gain) on disposition of properties (net
of noncontrolling interests' share)
—
(2,055
)
—
(11,892
)
Income attributable to Common OP Unit
holders
(55
)
(3,083
)
1,313
(2,057
)
Funds from operations attributable to
Common Shareholders and Common OP Unit holders - Basic
123
123
369
369
Funds from operations attributable to
Common Shareholders and Common OP Unit holders
$
26,845
$
24,672
$
105,787
$
83,481
Less: Impact of City Point share
conversion option
—
(906
)
—
(906
)
FFO to Common Shareholders and Common
OP Unit holders - Diluted
$
26,845
$
23,766
$
105,787
$
82,575
Adjustments for Special Items:
Add back: Acquisition costs, net of
bargain purchase gain
—
—
—
859
Add back: City Point acquisition and
transaction related costs
—
364
—
364
Add back: Impact of City point share
conversion option
—
906
—
906
Unrealized holding (gain) loss (net of
noncontrolling interest share) (4)
(1,631
)
3,068
(3,410
)
8,379
Realized gain (net of noncontrolling
interest share)
2,371
—
2,371
—
Funds from operations before Special
Items attributable to Common Shareholders and Common OP Unit
holders
$
27,585
$
28,104
$
104,748
$
93,083
Funds From Operations per Share -
Diluted
Basic weighted-average shares outstanding,
GAAP earnings
95,320
94,980
95,257
94,758
Weighted-average OP Units outstanding
6,962
5,308
6,980
5,311
Assumed conversion of Preferred OP Units
to common shares
464
25
464
465
Assumed conversion of LTIP units and
restricted share units to common shares
—
—
—
—
Weighted average number of Common Shares
and Common OP Units
102,746
100,313
102,701
100,534
Diluted Funds from operations, per Common
Share and Common OP Unit
$
0.26
$
0.24
$
1.03
$
0.82
Diluted Funds from operations before
Special Items, per Common Share and Common OP Unit
$
0.27
$
0.28
$
1.02
$
0.93
ACADIA REALTY TRUST AND
SUBSIDIARIES
Reconciliation of Consolidated
Operating Income to Net Property Operating Income (“NOI”)
(1)
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Consolidated operating income
$
6,691
$
(13,953
)
$
38,457
$
51,737
Add back:
General and administrative
10,309
10,170
30,898
32,768
Depreciation and amortization
33,726
33,744
100,955
102,428
Impairment charges
3,686
33,311
3,686
33,311
Less:
Above/below market rent, straight-line
rent and other adjustments
(3,336
)
(4,864
)
(18,666
)
(17,469
)
Gain on disposition of properties
—
(8,885
)
—
(49,916
)
Consolidated NOI
51,076
49,523
155,330
152,859
Redeemable noncontrolling interest in
consolidated NOI
(861
)
(517
)
(3,260
)
(517
)
Noncontrolling interest in consolidated
NOI
(14,927
)
(13,753
)
(43,132
)
(45,010
)
Less: Operating Partnership's interest in
Fund NOI included above
(4,656
)
(3,800
)
(14,458
)
(11,278
)
Add: Operating Partnership's share of
unconsolidated joint ventures NOI (5)
3,163
3,397
11,263
10,451
Core Portfolio NOI
$
33,795
$
34,850
$
105,743
$
106,505
Reconciliation of
Same-Property NOI
(Dollars in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Core Portfolio NOI
$
33,795
$
34,850
$
105,743
$
106,505
Less properties excluded from
Same-Property NOI
(6,071
)
(8,644
)
(21,305
)
(26,772
)
Same-Property NOI
$
27,724
$
26,206
$
84,438
$
79,733
Percent change from prior year period
5.8
%
5.9
%
Components of Same-Property NOI:
Same-Property Revenues
$
39,714
$
37,756
$
120,755
$
114,982
Same-Property Operating Expenses
(11,990
)
(11,550
)
(36,317
)
(35,249
)
Same-Property NOI
$
27,724
$
26,206
$
84,438
$
79,733
ACADIA REALTY TRUST AND
SUBSIDIARIES
Consolidated Balance Sheets
(1)
(Dollars in thousands)
As of
September 30, 2023
December 31, 2022
ASSETS
Investments in real estate, at cost
Land
$
880,882
$
817,802
Buildings and improvements
3,072,499
2,987,594
Tenant improvements
250,452
216,899
Construction in progress
19,894
21,027
Right-of-use assets - finance leases
58,637
25,086
4,282,364
4,068,408
Less: Accumulated depreciation and
amortization
(799,689
)
(725,143
)
Operating real estate, net
3,482,675
3,343,265
Real estate under development
92,729
184,602
Net investments in real estate
3,575,404
3,527,867
Notes receivable, net ($988 and $898 of
allowance for credit losses as of September 30, 2023 and December
31, 2022, respectively)
123,813
123,903
Investments in and advances to
unconsolidated affiliates
184,034
291,156
Other assets, net
243,498
229,591
Right-of-use assets - operating leases,
net
30,180
37,281
Cash and cash equivalents
19,312
17,158
Restricted cash
7,868
15,063
Marketable securities
35,197
—
Rents receivable, net
50,415
49,506
Assets of properties held for sale
11,057
11,057
Total assets
$
4,280,778
$
4,302,582
LIABILITIES
Mortgage and other notes payable, net
$
961,611
$
928,639
Unsecured notes payable, net
666,188
696,134
Unsecured line of credit
192,287
168,287
Accounts payable and other liabilities
221,586
196,491
Lease liability - operating leases,
net
32,520
35,271
Dividends and distributions payable
18,519
18,395
Distributions in excess of income from,
and investments in, unconsolidated affiliates
8,545
10,505
Total liabilities
2,101,256
2,053,722
Commitments and contingencies
Redeemable noncontrolling interests
55,284
67,664
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value per share,
authorized 200,000,000 shares, issued and outstanding 95,310,104
and 95,120,773 shares, respectively
95
95
Additional paid-in capital
1,950,212
1,945,322
Accumulated other comprehensive income
65,560
46,817
Distributions in excess of accumulated
earnings
(330,639
)
(300,402
)
Total Acadia shareholders’ equity
1,685,228
1,691,832
Noncontrolling interests
439,010
489,364
Total equity
2,124,238
2,181,196
Total liabilities, redeemable
noncontrolling interests, and equity
$
4,280,778
$
4,302,582
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
1. 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, which is available on the SEC's website at www.sec.gov and on
the Company’s website at www.acadiarealty.com.
2. 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 (the
“Operating Partnership”), 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.
3. 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. The Company believes they
are helpful as they exclude various items included in net income
(loss) that are not indicative of operating performance, such as
(i) gains (losses) from sales of real estate properties; (ii)
depreciation and amortization and (iii) impairment of real estate
properties. 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, FFO
Before Special Items 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 properties;
- depreciation and amortization;
- impairment of real estate properties;
- gains and losses from change in control; and
- after adjustments for unconsolidated partnerships and joint
ventures.
- Also consistent with NAREIT’s definition of FFO, the Company
has elected to include: the impact of the unrealized holding gains
(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 (or as an adjustment to the numerator within
its earnings per share calculations) 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;
- the impact of the unrealized holding gains (losses) incidental
to its main business, including those related to its Retailer
Controlled Property Venture ("RCP") investments such as Albertsons;
and
- any realized income or gains from the Company’s investment in
Albertsons.
4. The Company defines Special Items to include (i) unrealized
holding losses or gains (net of noncontrolling interest share) on
investments and (ii) transaction and other costs that do not occur
in the ordinary course of our underwriting and investing
business.
5. 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 partnerships and
joint ventures within the Funds.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231030397075/en/
Jennifer Han (914) 288-8100
Acadia Realty (NYSE:AKR)
過去 株価チャート
から 4 2024 まで 5 2024
Acadia Realty (NYSE:AKR)
過去 株価チャート
から 5 2023 まで 5 2024