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 Acadia Realty Trust Reports Fourth Quarter and Full Year 2019 Operating Results

February 12, 2020 GMT

RYE, N.Y.--(BUSINESS WIRE)--Feb 12, 2020--

- Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 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 property operating income (“NOI”).

Fourth Quarter and Full Year 2019 Highlights

“Our solid fourth quarter and full year 2019 operating results reflect the continued strength of our Core Portfolio and the accretive impact of our recent investments. Notwithstanding the continually evolving landscape of retailing and retail real estate, we are seeing with increased clarity how a growing variety of retailers are successfully embracing the physical store in new and exciting ways. Acadia continues to own the right properties in the right markets to best capture the growth from these forward-thinking retailers,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Taken together with our consistently healthy low-leveraged balance sheet, we are on track to achieve our near-term growth goals and deliver attractive investment returns for all of our stakeholders.”

FINANCIAL RESULTS

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

Net Income

Net income attributable to common shareholders for the quarter ended December 31, 2019 was $21.3 million, or $0.24 per share, inclusive of $16.6 million on a pro rata basis, or $0.19 per share attributable to an aggregate gain on dispositions of Core and Fund properties. Net income attributable to common shareholders for the quarter ended December 31, 2018 was $7.1 million, or $0.09 per share.

Net income attributable to common shareholders for the year ended December 31, 2019 was $53.0 million, or $0.62 per share, inclusive of (i) $7.5 million, or $0.09 per share, related to a previously-announced accelerated tenant recapture and (ii) $19.8 million on a pro rata basis attributable to an aggregate gain on dispositions of Core and Fund properties, or $0.23 per share. Net income attributable to common shareholders for the year ended December 31, 2018 was $31.4 million, or $0.38 per share inclusive of a $1.0 million gain on dispositions, or $0.01 per share.

FFO

FFO for the quarter ended December 31, 2019 was $29.3 million, or $0.32 per share, compared to $29.8 million, or $0.34 per share, for the quarter ended December 31, 2018.

FFO for the year ended December 31, 2019 was $126.9 million, or $1.41 per share, including $7.5 million, or $0.08 per share and $1.7 million, or $0.02 per share, related to accelerated tenant recaptures and net promote and other transactional income, respectively. FFO was $118.9 million, or $1.35 per share, for the year ended December 31, 2018 inclusive of a $2.0 million executive retirement charge, or $0.02 per share.

CORE PORTFOLIO

Core Operating Results

The Company had strong same-property NOI growth of 3.9% for the year ended December 31, 2019 and 3.1% for the fourth quarter, (before redevelopments). The growth was driven by continued strength in its street and urban portfolio.

During the fourth quarter and year to date 2020, the Company has profitably executed, or is in the final stages of executing, key street leases in New York City, Chicago and Greenwich, Connecticut resulting in successfully re-leasing the majority of its previously announced expirations. Additionally, Uniqlo at State and Washington in Chicago opened in November 2019.

Occupancy within the Core Portfolio increased 50 bps to 94.0% as of December 31, 2019. The leased rate remained stable at 94.8% as of December 31, 2019 compared to 94.9% as of September 30, 2019. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

During the fourth quarter, the Company generated a 19.1% and 10.9% increase in rent on a GAAP and cash basis, respectively, on nine conforming new and renewal leases aggregating approximately 15,000 square feet, including an increase in rent on a GAAP and cash basis of 30.2% and 24.2% on two conforming new leases signed during the quarter.

Core Acquisitions

During the year ended December 31, 2019 and year to date 2020, the Company acquired $190.6 million of Core Portfolio properties, including $92.7 million during the fourth quarter 2019 as follows. Amounts below are inclusive of transaction costs.

Soho, New York, NY. During the year ended December 31, 2019 and year to date 2020, the Company has acquired $131.2 million of street retail assets in Soho, New York, of which $41.1 million closed during the fourth quarter and $15.4 million closed in January 2020 as follows:

45 Greene Street, New York, NY. In November 2019, Acadia acquired 45 Greene Street for $12.4 million and executed a lease with L’Agence in conjunction with the closing.

37 Greene Street, New York, NY. In January 2020, the Company acquired 37 Greene Street for $15.4 million which is currently leased to Kartell.

The Company now owns six contiguous buildings on Greene Street.

Prince & Broadway, New York, NY. In December 2019, the Company, in conjunction with Prusik Group, acquired 565 Broadway for $28.7 million. This investment is located at the corner of Prince Street and Broadway and is currently leased to Pink (Victoria’s Secret).

Lincoln Park, Chicago, IL. During the year ended December 31, 2019, the Company has acquired three additional buildings aggregating $10.7 million on West Armitage Avenue in Chicago, IL of which $2.9 million closed during the fourth quarter. In December 2019, the Company acquired 907 West Armitage for $2.9 million which is currently leased to Kiehl’s. With these acquisitions, the Company now owns eleven buildings (seven of which are contiguous) on this prime stretch of West Armitage Avenue, a premier retail corridor in Lincoln Park.

Melrose Place, Los Angeles, CA. In October 2019, as previously announced, the Company completed the acquisition of 8436-8452 Melrose Place in Los Angeles, CA for $48.7 million. The five contiguous buildings are leased to high-quality, luxury tenants including Chloe (a subsidiary of Richemont), Oscar de la Renta, The Row, L’Agence, Violet Grey and Melanie Grant Skincare. This transaction is consistent with its strategy of acquiring critical mass on key urban streets with high barriers to entry.

Acquisitions completed to date were pre-funded with equity raised under the Company’s ATM program at an average gross price per share of approximately $28.60, along with proceeds from the strategic disposition of Pacesetter Plaza, a suburban shopping center, discussed below.

Core Disposition

Pacesetter Plaza, Pomona, NY. In October 2019, the Company sold Pacesetter Plaza, a 95,000 square-foot suburban shopping center located in Pomona, NY for $22.6 million in an off-market transaction. As previously announced, the Company had successfully executed a lease for re-anchoring its grocer. This strategic disposition allowed Acadia to capitalize on attractive pricing and accretively reinvest the proceeds into higher growth street and urban assets.

STRUCTURED FINANCE INVESTMENT

In January 2020, the Company completed a $54.0 million structured finance loan on a mixed-use redevelopment in Sunset Park Brooklyn, New York.

FUND PLATFORM

Fund Acquisitions

During the year ended December 31, 2019 and to date 2020, the Company completed $318.0 million of Fund V acquisitions.

Fund Dispositions

During the year ended December 31, 2019 and to date 2020, the Company completed $102.0 million of dispositions on behalf of Funds III and IV.

BALANCE SHEET

The Company further strengthened its balance sheet by match-funding its Core acquisition activity, along with proceeds from the strategic disposition of Pacesetter Plaza. The Company raised gross proceeds of $147.7 million from the sale of 5.2 million shares through December 31, 2019 at an average gross price per share of approximately $28.60 through the Company’s ATM program.

At December 31, 2019, substantially all of the Core Portfolio debt was fixed at an average rate of 3.7%.

2020 GUIDANCE

The following guidance is based upon Acadia’s current view of existing market conditions and assumptions for the year ending December 31, 2020.

The Company is setting its initial 2020 guidance ranges as follows:

These forecasts, and comparable 2019 results, both presented below are before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company’s fourth quarter 2019 supplemental information package for additional details.

 

 

 

 

 

 

2020 Guidance

 

 

2019 Actual

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to Common Shareholders

 

$0.25 to $0.39

 

 

$

0.62

 

Impact of transactional activity and tenant recapture

 

(0.07) to (0.14)

 

 

(0.10)

 

Depreciation of real estate and amortization of leasing costs

 

 

 

 

 

 

 

 

(net of noncontrolling interests' share)

 

1.05

 

 

0.99

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

 

 

(0.23)

 

Noncontrolling interest in Operating Partnership

 

0.02

 

 

0.03

 

Funds from operations, prior to

 

 

additional transactional activity, per share

 

1.25 to 1.32

 

 

$

1.31

 

 

 

 

 

 

 

 

 

 

Fund acquisitions and related fees

 

0.01 to 0.04

 

 

 

 

Net Promote and other Core and Fund transactional income

 

0.06 to 0.10

 

 

0.02

 

Accelerated tenant recapture - GAAP adjustments

 

 

 

 

0.08

 

Funds from operations per share attributable to
Common Shareholders and Common OP Unit holders

 

$1.32 to $1.46

 

 

$

1.41

 

 

 

 

 

 

 

 

 

 

CONFERENCE CALL

Management will conduct a conference call on Thursday, February 13, 2020 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:
Date: Thursday, February 13, 2020
Time: 12:00 PM ET
Dial#: 844-309-6711
Passcode: “Acadia Realty” or “6091615”
Webcast (Listen-only): www.acadiarealty.com under Investors,Presentations & Events

Phone Replay:
Dial#: 855-859-2056
Passcode: “6091615”
Available Through: Thursday, February 20, 2020

Webcast Replay:www.acadiarealty.com under Investors,Presentations & Events

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 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 urban and street-retail 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 matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 19, 2019 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Statements of Operations
(a)
(dollars and Common Shares in thousands, except per share data)

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income (b)

 

$

76,702

 

 

$

68,669

 

 

$

291,190

 

 

$

254,508

 

Other

 

 

1,084

 

 

 

1,057

 

 

 

4,137

 

 

 

5,173

 

Total revenues

 

 

77,786

 

 

 

69,726

 

 

 

295,327

 

 

 

259,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

32,636

 

 

 

30,794

 

 

 

125,443

 

 

 

117,549

 

General and administrative

 

 

9,837

 

 

 

9,984

 

 

 

35,416

 

 

 

34,343

 

Real estate taxes

 

 

9,635

 

 

 

9,184

 

 

 

39,315

 

 

 

36,712

 

Property operating

 

 

13,888

 

 

 

11,969

 

 

 

51,153

 

 

 

42,679

 

Impairment charges

 

 

 

 

 

 

 

 

1,721

 

 

 

 

Other operating

 

 

 

 

 

202

 

 

 

 

 

 

857

 

Total operating expenses

 

 

65,996

 

 

 

62,133

 

 

 

253,048

 

 

 

232,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

16,254

 

 

 

 

 

 

30,324

 

 

 

5,140

 

Operating income

 

 

28,044

 

 

 

7,593

 

 

 

72,603

 

 

 

32,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

1,793

 

 

 

2,223

 

 

 

8,922

 

 

 

9,302

 

Interest income

 

 

1,741

 

 

 

2,692

 

 

 

7,988

 

 

 

13,231

 

Other income

 

 

 

 

 

 

 

 

6,947

 

 

 

 

Interest expense

 

 

(17,067

)

 

 

(19,096

)

 

 

(73,788

)

 

 

(69,978

)

Income (loss) from continuing operations before income taxes

 

 

14,511

 

 

 

(6,588

)

 

 

22,672

 

 

 

(14,764

)

Income tax benefit (provision)

 

 

154

 

 

 

(83

)

 

 

(1,468

)

 

 

(934

)

Net income (loss)

 

 

14,665

 

 

 

(6,671

)

 

 

21,204

 

 

 

(15,698

)

Net loss attributable to noncontrolling interests

 

 

6,645

 

 

 

13,801

 

 

 

31,841

 

 

 

47,137

 

Net income attributable to Acadia

 

$

21,310

 

 

$

7,130

 

 

$

53,045

 

 

$

31,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(175

)

 

 

(78

)

 

 

(413

)

 

 

(267

)

Net income attributable to Common Shareholders -

basic and diluted earnings per share

 

$

21,135

 

 

$

7,052

 

 

$

52,632

 

 

$

31,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for diluted earnings per share

 

 

87,058

 

 

 

81,591

 

 

 

84,436

 

 

 

82,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings per share - basic and diluted (c)

 

$

0.24

 

 

$

0.09

 

 

$

0.62

 

 

$

0.38

 

ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Funds From Operations
(a, d)
(dollars and Common Shares and Units in thousands, except per share data)

 

 

Three Months Ended

December 31,

 

 

 

 

Year Ended

December 31,

 

 

 

2019

 

 

 

 

2018

 

 

 

 

2019

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

21,310

 

 

 

 

$

7,130

 

 

 

 

$

53,045

 

 

 

 

$

31,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of

noncontrolling interests' share)

 

 

23,216

 

 

 

 

 

22,040

 

 

 

 

 

89,373

 

 

 

 

 

85,852

 

Impairment charge (net of noncontrolling interests' share)

 

 

 

 

 

 

 

 

 

 

 

 

395

 

 

 

 

 

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(16,644

)

 

 

 

 

 

 

 

 

 

(19,786

)

 

 

 

 

(994

)

Income attributable to Common OP Unit holders

 

 

1,264

 

 

 

 

 

462

 

 

 

 

 

3,295

 

 

 

 

 

2,033

 

Distributions - Preferred OP Units

 

 

135

 

 

 

 

 

135

 

 

 

 

 

540

 

 

 

 

 

540

 

Funds from operations attributable to Common Shareholders and
Common OP Unit holders

 

$

29,281

 

 

 

 

$

29,767

 

 

 

 

$

126,862

 

 

 

 

$

118,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

87,058

 

 

 

 

 

81,591

 

 

 

 

 

84,436

 

 

 

 

 

82,080

 

Weighted-average OP Units outstanding

 

 

5,028

 

 

 

 

 

4,907

 

 

 

 

 

5,111

 

 

 

 

 

4,942

 

Assumed conversion of Preferred OP Units to common shares

 

 

499

 

 

 

 

 

499

 

 

 

 

 

499

 

 

 

 

 

499

 

Assumed conversion of LTIP units and restricted share units to

common shares

 

 

 

 

 

 

 

215

 

 

 

 

 

 

 

 

 

 

207

 

Weighted average number of Common Shares and Common OP Units

 

 

92,585

 

 

 

 

 

87,212

 

 

 

 

 

90,046

 

 

 

 

 

87,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.32

 

 

 

 

$

0.34

 

 

 

 

$

1.41

 

 

 

 

$

1.35

 

ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”)
(a)
(dollars in thousands)

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

28,044

 

 

$

7,593

 

 

$

72,603

 

 

$

32,681

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,837

 

 

 

9,984

 

 

 

35,416

 

 

 

34,343

 

Depreciation and amortization

 

 

32,636

 

 

 

30,794

 

 

 

125,443

 

 

 

117,549

 

Impairment charge

 

 

 

 

 

 

 

 

1,721

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(7,477

)

 

 

(8,030

)

 

 

(24,447

)

 

 

(23,521

)

Gain on disposition of properties

 

 

(16,254

)

 

 

 

 

 

(30,324

)

 

 

(5,140

)

Consolidated NOI

 

 

46,786

 

 

 

40,341

 

 

 

180,412

 

 

 

155,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(14,031

)

 

 

(10,583

)

 

 

(52,248

)

 

 

(37,496

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,578

)

 

 

(2,852

)

 

 

(13,870

)

 

 

(9,790

)

Add: Operating Partnership's share of unconsolidated

joint ventures NOI (e)

 

 

6,395

 

 

 

6,563

 

 

 

25,948

 

 

 

24,919

 

NOI - Core Portfolio

 

$

35,572

 

 

$

33,469

 

 

$

140,242

 

 

$

133,545

 

ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Balance Sheets
(a)
(dollars in thousands)

 

 

As of

 

 

 

December 31,

2019

 

 

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

 

 

Land

 

$

756,297

 

 

 

 

$

710,469

 

Buildings and improvements

 

 

2,914,165

 

 

 

 

 

2,745,982

 

Construction in progress

 

 

13,617

 

 

 

 

 

44,092

 

Properties under capital lease (b)

 

 

 

 

 

 

 

76,965

 

Right-of-use assets - finance leases (b)

 

 

102,055

 

 

 

 

 

 

Right-of-use assets - operating leases (b)

 

 

60,006

 

 

 

 

 

 

 

 

 

3,846,140

 

 

 

 

 

3,577,508

 

Less: Accumulated depreciation and amortization

 

 

(490,227

)

 

 

 

 

(416,657

)

Operating real estate, net

 

 

3,355,913

 

 

 

 

 

3,160,851

 

Real estate under development

 

 

253,402

 

 

 

 

 

120,297

 

Net investments in real estate

 

 

3,609,315

 

 

 

 

 

3,281,148

 

Notes receivable, net

 

 

114,943

 

 

 

 

 

111,775

 

Investments in and advances to unconsolidated affiliates

 

 

305,097

 

 

 

 

 

262,410

 

Other assets, net

 

 

190,658

 

 

 

 

 

206,408

 

Cash and cash equivalents

 

 

15,845

 

 

 

 

 

21,268

 

Restricted cash

 

 

14,165

 

 

 

 

 

13,580

 

Rents receivable

 

 

59,091

 

 

 

 

 

62,191

 

Total assets

 

$

4,309,114

 

 

 

 

$

3,958,780

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,170,076

 

 

 

 

$

1,017,288

 

Unsecured notes payable, net

 

 

477,320

 

 

 

 

 

533,257

 

Unsecured line of credit

 

 

60,800

 

 

 

 

 

 

Accounts payable and other liabilities (b)

 

 

371,516

 

 

 

 

 

286,072

 

Dividends and distributions payable

 

 

27,075

 

 

 

 

 

24,593

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

15,362

 

 

 

 

 

15,623

 

Total liabilities

 

 

2,122,149

 

 

 

 

 

1,876,833

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding
87,050,465 and 81,557,472 shares, respectively

 

 

87

 

 

 

 

 

82

 

Additional paid-in capital

 

 

1,706,357

 

 

 

 

 

1,548,603

 

Accumulated other comprehensive (loss) income

 

 

(31,175

)

 

 

 

 

516

 

Distributions in excess of accumulated earnings

 

 

(132,961

)

 

 

 

 

(89,696

)

Total Acadia shareholders’ equity

 

 

1,542,308

 

 

 

 

 

1,459,505

 

Noncontrolling interests

 

 

644,657

 

 

 

 

 

622,442

 

Total equity

 

 

2,186,965

 

 

 

 

 

2,081,947

 

Total liabilities and equity

 

$

4,309,114

 

 

 

 

$

3,958,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACADIA REALTY TRUST AND SUBSIDIARIES

Notes to Financial Highlights:

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200212005874/en/

CONTACT: Sunny Holcomb

(914) 288-8100

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT BANKING

SOURCE: Acadia Realty Trust

Copyright Business Wire 2020.

PUB: 02/12/2020 04:15 PM/DISC: 02/12/2020 04:15 PM

http://www.businesswire.com/news/home/20200212005874/en