Acadia Realty Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Acadia Realty Trust (AKR) filed its Q1 2024 10-Q, detailing financial instruments and operational aspects.</b>

AI Summary

ACADIA REALTY TRUST (AKR) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Acadia Realty Trust (AKR) filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial instruments mentioned include interest rate swaps, interest rate caps, and variable rate unsecured term loans. The company's 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.

Why It Matters

For investors and stakeholders tracking ACADIA REALTY TRUST, this filing contains several important signals. The 10-Q filing provides a detailed look into AKR's financial health and risk management strategies, particularly concerning interest rate fluctuations. Investors can use this report to assess the company's performance and its exposure to market risks in the current quarter.

Risk Assessment

Risk Level: — ACADIA REALTY TRUST shows moderate risk based on this filing. The company's exposure to variable rate debt and interest rate derivatives suggests a medium risk profile due to potential impacts of interest rate volatility on its financial performance.

Analyst Insight

Monitor AKR's disclosures on interest rate hedging and variable rate debt to understand its sensitivity to market interest rate changes.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 1993-03-29 — Date of Name Change (DATE OF NAME CHANGE)

Key Players & Entities

• ACADIA REALTY TRUST (company) — FILER
• AKR (company) — tk
• 411 THEODORE FREMD AVENUE (company) — BUSINESS ADDRESS
• RYE (company) — BUSINESS ADDRESS CITY
• MARK CENTERS TRUST (company) — FORMER COMPANY

FAQ

Industry Context

Acadia Realty Trust operates within the Real Estate Investment Trusts (REITs) sector, focusing on retail properties. This filing provides insights into its financial structure and risk management.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material financial information quarterly.

What Investors Should Do

1. Review the specific details of AKR's derivative instruments (swaps, caps) to understand their impact on financial results.
2. Analyze the company's variable rate debt and its sensitivity to changes in benchmark interest rates like SOFR.
3. Compare AKR's financial disclosures in this 10-Q with previous filings to identify trends in performance and risk exposure.

Key Dates

• 2024-03-31: Quarterly Report Period End — Covers the financial performance for the first quarter of 2024.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate payments. (Indicates the company is managing its exposure to interest rate fluctuations.)

Interest Rate Cap

A derivative that protects a borrower against rising interest rates. (Suggests the company is hedging against potential increases in borrowing costs.)

Year-Over-Year Comparison

This 10-Q filing for Q1 2024 provides an update on Acadia Realty Trust's financial position and activities compared to its previous filings.

Key Financial Figures

• $0.001 — hares of beneficial interest, par value $0.001 per share AKR The New York Stock Ex

Filing Documents

• akr-20240331.htm (10-Q) — 3715KB
• akr-ex10_1.htm (EX-10.1) — 92KB
• akr-ex10_2.htm (EX-10.2) — 131KB
• 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
• 0000950170-24-050536.txt (&nbsp;) — 19486KB
• akr-20240331.xsd (EX-101.SCH) — 2950KB
• akr-20240331_htm.xml (XML) — 4185KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 47 4.

Controls and Procedures

Controls and Procedures 49

- OTHER INFORMATION

PART II - OTHER INFORMATION 1.

Legal Proceedings

Legal Proceedings 50 1A.

Risk Factors

Risk Factors 50 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 3. Defaults Upon Senior Securities 50 4. Mine Safety Disclosures 50 5. Other Information 50 6. Exhibits 51

Signatures

Signatures 52 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q (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 costs as a result of rising inflation, changes in interest rates and other factors; (v) our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due; (vi) our investments

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS. ACADIA REALTY TRUST AND SUBSIDIARIES CONDENSED CONSOLIDATED B ALANCE SHEETS (UNAUDITED) March 31, December 31, (in thousands, except share amounts) 2024 2023 ASSETS Investments in real estate, at cost Operating real estate, net $ 3,499,695 $ 3,517,281 Real estate under development 96,594 94,799 Net investments in real estate 3,596,289 3,612,080 Notes receivable, net ($ 1,416 and $ 1,279 of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively) 118,877 124,949 Investments in and advances to unconsolidated affiliates 198,702 197,240 Other assets, net 212,699 208,460 Right-of-use assets - operating leases, net 28,348 29,286 Cash and cash equivalents 18,795 17,481 Restricted cash 8,119 7,813 Marketable securities 27,274 33,284 Rents receivable, net 51,532 49,504 Assets of properties held for sale 11,147 11,057 Total assets (a) $ 4,271,782 $ 4,291,154 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage and other notes payable, net $ 962,468 $ 930,127 Unsecured notes payable, net 646,524 726,727 Unsecured line of credit 114,687 213,287 Accounts payable and other liabilities 218,116 229,375 Lease liability - operating leases 30,620 31,580 Dividends and distributions payable 19,978 18,520 Distributions in excess of income from, and investments in, unconsolidated affiliates 7,858 7,982 Total liabilities (a) 2,000,251 2,157,598 Commitments and contingencies (Note 9) Redeemable noncontrolling interests (Note 10) 45,462 50,339 Equity: Acadia Shareholders' Equity Common shares, $ 0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 103,155,933 and 95,361,676 shares, respectively 103 95 Additional paid-in capital 2,078,295 1,953,521 Accumulated other comprehensive income 46,942

View Full Filing

View this 10-Q filing on SEC EDGAR