Acadia Realty Trust Files Q3 2024 10-Q

TL;DR

AKR filed its Q3 10-Q. Financials look solid.

AI Summary

Acadia Realty Trust (AKR) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position and operational performance. Key financial data and disclosures relevant to its real estate investment trust operations are presented.

Why It Matters

This filing provides investors with a detailed look into Acadia Realty Trust's financial health and operational status as of the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded REIT.

Key Players & Entities

• ACADIA REALTY TRUST (company) — Filer
• 0000899629 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241028 (date) — Filing Date
• 411 THEODORE FREMD AVENUE (location) — Business Address
• RYE (location) — City
• NY (location) — State
• 10580 (location) — ZIP Code

FAQ

Key Financial Figures

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

Filing Documents

• akr-20240930.htm (10-Q) — 5374KB
• akr-ex31_1.htm (EX-31.1) — 13KB
• akr-ex31_2.htm (EX-31.2) — 13KB
• akr-ex32_1.htm (EX-32.1) — 6KB
• akr-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-117714.txt ( ) — 24449KB
• akr-20240930.xsd (EX-101.SCH) — 2918KB
• akr-20240930_htm.xml (XML) — 5908KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 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 42 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 4.

Controls and Procedures

Controls and Procedures 59

- OTHER INFORMATION

PART II - OTHER INFORMATION 1.

Legal Proceedings

Legal Proceedings 60 1A.

Risk Factors

Risk Factors 60 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities. 60 3. Defaults Upon Senior Securities 60 4. Mine Safety Disclosures 60 5. Other Information 60 6. Exhibits 61

Signatures

Signatures 62 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) September 30, December 31, (dollars in thousands, except share and per share data) 2024 2023 ASSETS Investments in real estate, at cost Operating real estate, net $ 3,450,575 $ 3,517,281 Real estate under development 109,778 94,799 Net investments in real estate 3,560,353 3,612,080 Notes receivable, net ($ 1,835 and $ 1,279 of allowance for credit losses as of September 30, 2024 and December 31, 2023, respectively) (a) 126,576 124,949 Investments in and advances to unconsolidated affiliates 187,363 197,240 Other assets, net 196,920 208,460 Right-of-use assets - operating leases, net 26,820 29,286 Cash and cash equivalents 46,207 17,481 Restricted cash 23,088 7,813 Marketable securities 17,503 33,284 Rents receivable, net 55,615 49,504 Assets of properties held for sale 35,878 11,057 Total assets (b) $ 4,276,323 $ 4,291,154 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage and other notes payable, net $ 954,371 $ 930,127 Unsecured notes payable, net 569,242 726,727 Unsecured line of credit 56,000 213,287 Accounts payable and other liabilities 221,506 229,375 Lease liability - operating leases 29,013 31,580 Dividends and distributions payable 22,995 18,520 Distributions in excess of income from, and investments in, unconsolidated affiliates 7,797 7,982 Liabilities of properties held for sale 5,435 — Total liabilities (b) 1,866,359 2,157,598 Commitments and contingencies (Note 9) Redeemable noncontrolling interests (Note 10) 35,037 50,339 Equity: Acadia Shareholders' Equity Common shares, $ 0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 113,902,348 and 95,361,676 shares, respectively 114 95 Additional pai

View Full Filing

View this 10-Q filing on SEC EDGAR