Acadia Realty Trust Files 2023 Annual Report (10-K)

TL;DR

<b>Acadia Realty Trust (AKR) has filed its 2023 10-K annual report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ACADIA REALTY TRUST (AKR) filed a Annual Report (10-K) with the SEC on February 16, 2024. Acadia Realty Trust (AKR) filed its 2023 10-K report on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 411 Theodore Fremd Avenue, Suite 300, Rye, NY 10580. Acadia Realty Trust was formerly known as Mark Centers Trust, with a name change on March 29, 1993. The SIC code for the company is 6798 (Real Estate Investment Trusts).

Why It Matters

For investors and stakeholders tracking ACADIA REALTY TRUST, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Acadia Realty Trust's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors to assess the company's performance and future outlook. The detailed information within the report, including financial statements and segment data, allows stakeholders to understand the company's real estate portfolio, investment activities, and overall market position within the REIT sector.

Risk Assessment

Risk Level: medium — ACADIA REALTY TRUST shows moderate risk based on this filing. The company's financial performance is subject to market risks inherent in the real estate investment trust sector, including fluctuations in property values and interest rates, as indicated by the various real estate investment and financing terms mentioned in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Acadia Realty Trust's exposure to real estate market dynamics and its strategies for managing its portfolio.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240216 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• 001-12002 — SEC File Number (SEC file number)

Key Players & Entities

• ACADIA REALTY TRUST (company) — Filer name
• AKR (company) — Ticker symbol
• 411 THEODORE FREMD AVENUE (company) — Business address street 1
• RYE (company) — Business address city
• NY (company) — Business address state
• 10580 (company) — Business address zip
• MARK CENTERS TRUST (company) — Former company name
• 19930329 (date) — Date of name change

FAQ

Risk Factors

• Real Estate Investment Risks [high — financial]: The company's financial performance is significantly tied to the real estate market, including property valuations, rental income, and occupancy rates, which are subject to economic conditions and market demand.
• Financing and Debt Risks [medium — financial]: Acadia Realty Trust relies on debt financing for its operations and investments, making it susceptible to interest rate fluctuations and the availability of credit, which can impact profitability and financial flexibility.
• Market Conditions and Competition [medium — market]: The company operates in a competitive real estate market, and its success depends on its ability to adapt to changing market conditions, tenant preferences, and competition from other real estate entities.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — hares of beneficial interest, par value $0.001 per share AKR The New York Stock Ex
• $14.39 — $ 1,371.3 million, based on a price of $14.39 per share, the average sales price for
• $200.0 million — at its discretion, to repurchase up to $200.0 million of outstanding Common Shares. The progr
• $122.5 million — ment may repurchase up to approximately $122.5 million of Common Shares under the program. See
• $123.9 million — r our ATM Program for gross proceeds of $123.9 million. During the year ended December 31, 202
• $64.9 million — r our ATM Program for gross proceeds of $64.9 million. See Note 10 . In January 2024, we co
• $113.0 million — additional shares) for net proceeds of $113.0 million ( Note 17 ). 8 Operating Strategy —

Filing Documents

• akr-20231231.htm (10-K) — 10172KB
• akr-ex19_1.htm (EX-19.1) — 42KB
• akr-ex19_2.htm (EX-19.2) — 58KB
• akr-ex21_1.htm (EX-21.1) — 389KB
• akr-ex23_1.htm (EX-23.1) — 10KB
• akr-ex23_2.htm (EX-23.2) — 5KB
• akr-ex23_3.htm (EX-23.3) — 3KB
• akr-ex31_1.htm (EX-31.1) — 12KB
• akr-ex31_2.htm (EX-31.2) — 12KB
• akr-ex32_1.htm (EX-32.1) — 5KB
• akr-ex32_2.htm (EX-32.2) — 6KB
• akr-ex99_3.htm (EX-99.3) — 440KB
• img201336931_0.jpg (GRAPHIC) — 188KB
• img242882406_0.jpg (GRAPHIC) — 21KB
• 0000950170-24-016567.txt (&nbsp;) — 40924KB
• akr-20231231.xsd (EX-101.SCH) — 4111KB
• akr-20231231_htm.xml (XML) — 9592KB

Risk Factors

Risk Factors 14 1B. Unresolved Staff Comments 30 1C. Cybersecurity 30 2.

Properties

Properties 31 3.

Legal Proceedings

Legal Proceedings 41 4. Mine Safety Disclosures 41 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters, Issuer Purchases of Equity Securities 41 6. [Reserved] 42 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 120 9A.

Controls and Procedures

Controls and Procedures 120 9B. Other Information 122 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III 10. Directors, Executive Officers and Corporate Governance 122 11.

Executive Compensation

Executive Compensation 122 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 13. Certain Relationships and Related Transactions and Director Independence 122 14. Principal Accounting Fees and Services 122 PART IV 15. Exhibits and Financial Statement Schedules 123 16. Form 10-K Summary 126

SIGNATURES

SIGNATURES 127 SPECIAL NOTE REGARDING CERTAIN REFERENCES All references to "Notes" throughout the document refer to the footnotes to the consolidated financial statements of the registrant referenced in Part II, Item 8. Financial Statements . 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Report of Acadia Realty Trust, a Maryland real estate investment trust, (the "Company"), may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations are generally identifiable by the use of the 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 our 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 due to 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) our success in implementing our business strategy and our 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 we may, from time to time, compete, and their effect on our revenues, earnings and funding sources; (iv) increases in our borrowing cost

B USINESS

ITEM 1. B USINESS. GENERAL Acadia Realty Trust (the "Trust") was formed on March 4, 1993 as a Maryland real estate investment trust ("REIT"). All references to "Acadia," "we," "us," "our" and "Company" refer to the Trust and its consolidated subsidiaries. We are a fully integrated REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. We currently own or have an ownership interest in these properties through our Core Portfolio (as defined below). We generate additional growth through our Funds (as defined below) in which we co-invest with high-quality institutional investors. All of our assets are held by, and all of our operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of December 31, 2023, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units," respectively, and collectively, "OP Units") and employees who have been awarded restricted Common OP Units as long-term incentive compensation ("LTIP Units"). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for our common shares of beneficial interest, par value $0.001 per share, of the Company ("Common Shares"). This structure is referred to as an umbrella partnership REIT,

View Full Filing

View this 10-K filing on SEC EDGAR