Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”)
today reported operating results for the quarter ended March 31,
2023. For the quarter ended March 31, 2023, net earnings per share
was $0.14. All per share amounts are on a fully-diluted basis,
where applicable. Acadia operates dual platforms, comprised of a
high-quality core real estate portfolio (“Core Portfolio”), through
which the Company owns and operates retail assets in the nation’s
most dynamic 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 (loss), funds from operations
("FFO") as per NAREIT and Before Special Items, net property
operating income ("NOI") and same-property NOI.
First Quarter and Recent
Highlights
- First Quarter Earnings and Operating Results:
- NAREIT FFO and FFO Before Special Items per share of $0.40
- Driven by its Street portfolio, generated an increase in
same-property NOI of 7.0% within its Core Portfolio
- Core Portfolio Leasing:
- Generated GAAP and cash leasing spreads of 22.3% and 9.9%,
respectively, on new and renewal leases
- As of March 31, 2023, the Core Portfolio was 94.6% leased and
92.8% occupied, compared to leased and occupied rates of 94.9% and
92.7% as of December 31, 2022 (refer to detailed discussion below
further describing first quarter events impacting occupancy
percentages from December 31, 2022 to March 31, 2023)
- Fund Transactional Activity:
- As previously announced, completed a Fund V acquisition in
suburban New York for $62.1 million
- As previously announced, recognized approximately $11.3
million, or $0.11 per share of Acadia's share of the Albertsons
Special Dividend ("Special Dividend")
- Balance Sheet:
- Substantially all of the Core Portfolio debt was fixed or
effectively fixed, inclusive of swap contracts, at a blended rate
of 4.25% as of March 31, 2023
- Guidance Update:
- Increased annual 2023 guidance as follows:
- Net earnings per share to $0.16 - $0.23 from $0.14 - $0.23
- NAREIT FFO per share to $1.19 - $1.26 from $1.17 - $1.26
- FFO Before Special Items per share to $1.19 - $1.26 from $1.17
- $1.26
“We are very pleased with a simple ‘beat and raise quarter’ with
the upside driven by internal growth. Despite pressures from rising
interest rates, we were able to achieve robust growth in the first
quarter, which is reflective of the multi-year embedded growth that
we see from our existing portfolio. Looking forward, we remain
confident in meeting our internal growth expectations coming from
lease-up, contractual rent steps, rebounding market rents and the
execution of our value-add business plan on recently acquired
properties,” stated Kenneth F. Bernstein, President and CEO of
Acadia. “While we have visibility on the internal growth leading to
earnings growth, we are also prepared to take advantage of external
growth opportunities by leveraging our institutional relationships
which will add further accretion to our earnings.”
CORE PORTFOLIO OPERATING
RESULTS
The Company had net earnings per share of $0.14, NAREIT FFO per
share of $0.40 and FFO Before Special Items per share of $0.40 for
the quarter ended March 31, 2023. Please refer to the Consolidated
Financial Results section below for additional details.
Driven by a combination of market rent growth, lease-up and
contractual rent increases within its Street portfolio, the
Company's same-property NOI, excluding redevelopments, increased
7.0% for the quarter ended March 31, 2023.
CORE PORTFOLIO LEASING
UPDATE
During the quarter ended March 31, 2023, GAAP and cash leasing
spreads were 22.3% and 9.9%, respectively, on 17 new and renewal
leases aggregating approximately 55,000 square feet.
As of March 31, 2023, the Core Portfolio was 94.6% leased and
92.8% occupied. As of December 31, 2022, the Core Portfolio was
94.9% leased and 92.7% occupied. The leased rate includes space
that is leased but not yet occupied and excludes development and
redevelopment properties.
As previously announced, the Company placed its North Michigan
Avenue assets within the Core Portfolio into redevelopment during
the first quarter of 2023 (and thus are excluded from Core
occupancy metrics).
Additionally, as part of its initial accretive acquisition plan,
the Company successfully recaptured two below-market spaces with
aggregate GLA of approximately 9,500 square feet during the first
quarter of 2023 within its Henderson Avenue portfolio. The planned
recapture contributed to a 730-bps decline in occupancy within the
Company's Dallas portfolio. The recapture of these spaces will
allow the Company to execute its value-add strategy to re-demise
and re-tenant this site and is in advanced stages of lease
negotiations at rents in excess of its initial underwriting.
As previously announced, during the quarter ended March 31,
2023, the Company signed a lease for the entirety of Bed Bath and
Beyond store at Brandywine Town Center in Wilmington, Delaware. The
space is being taken by the adjacent tenant, Dick's Sporting Goods,
which plans to open in the combined space a flagship House of
Sport, its newest comprehensive format. As part of the expansion,
Dick's Sporting Goods profitably executed a new 15-year lease
covering the combined space. The Bed Bath and Beyond store at
Brandywine is one of its two locations within the Company's Core
Portfolio.
FUND TRANSACTIONAL
ACTIVITY
Fund V
Mohawk Commons (Fund V). As previously announced, in
January 2023, Fund V completed the acquisition of a 90% interest in
Mohawk Commons in Schenectady, New York for $62.1 million in a
joint venture with DLC Management. The investment, which was funded
with a new non-recourse mortgage of $39.7 million, is expected to
result in mid-teens leveraged returns. This grocery-anchored power
center is currently 98% leased and is anchored by Lowe's and a
shadow anchor, Target, along with other national junior anchors,
including Burlington Coat Factory, PetSmart and Marshalls.
Albertsons Special Dividend
As previously announced, on January 17, 2023, Albertsons
Companies, Inc. ("Albertsons") announced that the State of
Washington’s Supreme Court denied a motion by the Attorney General
of the State of Washington to hear an appeal from the trial court’s
denial of its request to enjoin the Company from paying its
previously announced $6.85 per common share of the Special
Dividend, originally scheduled to be paid November 7, 2022.
Albertsons further announced that the temporary restraining order
preventing the payment of the Special Divided was lifted as a
result of the decision. Albertsons paid the Special Dividend on
January 20, 2023. Acadia's share of the Special Dividend was
approximately $11.3 million, or $0.11 per share, and was recognized
in the first quarter of 2023 and is included in Net Promote and
Other Transactional Income.
BALANCE SHEET
As of March 31, 2023, substantially all of the Core Portfolio
debt was fixed or effectively fixed, inclusive of interest rate
swap contracts at a blended rate of 4.25%.
CONSOLIDATED FINANCIAL
RESULTS
A complete reconciliation, in dollars and per share amounts, of
(i) net income 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 Income
Net income attributable to Acadia for the quarter ended March
31, 2023, was $13.1 million, or $0.14 per share, which included
$11.3 million, or $0.11 per share, from the receipt of the Special
Dividend.
Net income attributable to Acadia for the quarter ended March
31, 2022, was $16.6 million, or $0.18 per share, which included:
(i) $8.3 million gain, or $0.08 per share, on dispositions and (ii)
$3.6 million, or $0.04 per share, primarily from the unrealized
mark-to-market holding gain on its investment in Albertsons
supermarkets, offset by $0.9 million, or $0.01 per share for net
acquisition and transaction costs from a Core acquisition.
FFO as Defined by NAREIT
FFO as defined by NAREIT for the quarter ended March 31, 2023
was $40.7 million, or $0.40 per share, which included $11.3
million, or $0.11 per share, from the receipt of the Special
Dividend.
FFO as defined by NAREIT for the quarter ended March 31, 2022
was $35.4 million, or $0.36 per share, and included $3.6 million,
or $0.04 per share, primarily from the unrealized mark-to-market
holding gain on Albertsons and (ii) $1.5 million, or $0.01 per
share from the Fund III disposition of its interest in Self Storage
Management.
FFO Before Special Items
FFO Before Special Items for the quarter ended March 31, 2023
was $40.7 million, or $0.40 per share, which included $11.3
million, or $0.11 per share, from the receipt of the Special
Dividend. The unrealized mark-to-market holding gain on Albertsons
was insignificant for the quarter ended March 31, 2023. Therefore,
FFO Before Special Items and FFO as defined by NAREIT for the
quarter ended March 31, 2023 were both $0.40 per share.
FFO Before Special Items for the quarter ended March 31, 2022
was $32.7 million, or $0.33 per share, which excluded $3.6 million,
or $0.04 per share, primarily from the unrealized mark-to-market
holding gain on Albertsons offset by $0.9 million, or $0.01 per
share for net acquisition and transaction costs from a Core
acquisition.
GUIDANCE
The Company increased its annual 2023 guidance as follows:
- Net earnings per share to $0.16 - $0.23 from $0.14 - $0.23
- NAREIT FFO per share to $1.19 - $1.26 from $1.17 - $1.26
- FFO Before Special Items per share to $1.19 - $1.26 from $1.17
- $1.26
2023 Guidance
Revised
Prior
Net earnings per share attributable to
Acadia
$0.16 to $0.23
$0.14 to $0.23
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)
—
—
Gain on disposition of properties (net of
noncontrolling interest share)
—
—
Noncontrolling interest in Operating
Partnership
0.02
0.02
NAREIT Funds from operations per share
attributable to Common Shareholders and Common OP Unit
holders
$1.19 to $1.26
$1.17 to $1.26
Unrealized holding loss (gain) (net of
noncontrolling interest share)
—
—
Transaction and other related costs
—
—
Funds from operations Before Special
Items per share attributable to Common Shareholders and Common OP
Unit holders
$1.19 to $1.26
$1.17 to $1.26
CONFERENCE CALL
Management will conduct a conference call on Wednesday, May 3,
2023 at 10:00 AM ET to review the Company’s earnings and operating
results. Participant registration and webcast information is listed
below.
Live Conference
Call:
Date:
Wednesday, May 3, 2023
Time:
10:00 AM ET
Participant Registration:
First Quarter 2023 Registration
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 and 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
accretion and guidance statements), including, but not limited to:
(i) the economic, political and social impact of, and uncertainty
surrounding the COVID-19 Pandemic or future pandemics, including
its impact on the Company’s tenants and their ability to make rent
and other payments or honor their commitments under existing
leases; (ii) macroeconomic conditions, such as a disruption of or
lack of access to the capital markets, disruptions and instability
in the banking and financial services industries and rising
inflation; (iii) the Company’s success in implementing its business
strategy and its ability to identify, underwrite, finance,
consummate and integrate diversifying acquisitions and investments;
(iv) 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; (v) 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 is currently anticipated to occur in 2023; (vi)
the Company’s ability to pay down, refinance, restructure or extend
its indebtedness as it becomes due; (vii) 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; (viii) the Company’s ability
to obtain the financial results expected from its development and
redevelopment projects; (ix) 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; (x) the Company’s potential liability for
environmental matters; (xi) damage to the Company’s properties from
catastrophic weather and other natural events, and the physical
effects of climate change; (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; (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; and (xvii)
the risk that the Company's restatement of certain of its
previously issued consolidated financial statements or material
weaknesses in internal controls could negatively affect investor
confidence and raise reputational issues.
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 in
thousands, except per share data)
Three Months Ended March
31,
2023
2022
Revenues
Rental income
$
80,737
$
79,467
Other
1,102
2,040
Total revenues
81,839
81,507
Operating expenses
Depreciation and amortization
33,173
33,713
General and administrative
9,946
11,937
Real estate taxes
11,479
11,280
Property operating
15,133
13,350
Total operating expenses
69,731
70,280
Gain on disposition of properties
—
28,815
Operating income
12,108
40,042
Equity in earnings of unconsolidated
affiliates
29
3,130
Interest and other income
4,818
2,935
Realized and unrealized holding gains on
investments and other
26,757
15,730
Interest expense
(21,587
)
(17,925
)
Income from continuing operations before
income taxes
22,125
43,912
Income tax (provision) benefit
(123
)
185
Net income
22,002
44,097
Net loss attributable to redeemable
noncontrolling interests
2,075
—
Net income attributable to noncontrolling
interests
(10,717
)
(27,259
)
Net income attributable to Acadia
$
13,360
$
16,838
Less: net income attributable to
participating securities
(243
)
(204
)
Net income attributable to Common
Shareholders -
basic earnings per share
$
13,117
$
16,634
Income from continuing operations net of
income attributable to participating securities for diluted
earnings per share
$
13,117
$
16,634
Weighted average shares for basic earnings
per share
95,189
93,286
Weighted average shares for diluted
earnings per share
95,189
93,335
Net earnings per share - basic
(2)
$
0.14
$
0.18
Net earnings per share - diluted
(2)
$
0.14
$
0.18
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 per share data)
Three Months Ended March
31,
2023
2022
Net income attributable to Acadia
$
13,360
$
16,838
Depreciation of real estate and
amortization of leasing costs (net of
noncontrolling interests' share)
26,444
24,313
(Gain) on disposition of properties (net
of noncontrolling interests' share)
—
(6,876
)
Income attributable to Common OP Unit
holders
794
998
Distributions - Preferred OP Units
123
123
Funds from operations attributable to
Common Shareholders and Common OP Unit holders
$
40,721
$
35,396
Adjustments for Special Items:
Add back: Acquisition costs, net of
bargain purchase gain
—
859
Unrealized holding (gain) (net of
noncontrolling interest share) (4)
(66
)
(3,570
)
Funds from operations before Special
Items attributable to Common Shareholders and Common OP Unit
holders
$
40,655
$
32,685
Funds From Operations per Share -
Diluted
Basic weighted-average shares outstanding,
GAAP earnings
95,189
93,286
Weighted-average OP Units outstanding
6,885
5,313
Assumed conversion of Preferred OP Units
to common shares
464
465
Assumed conversion of LTIP units and
restricted share units to
common shares
1
312
Weighted average number of Common Shares
and Common OP Units
102,539
99,376
Diluted Funds from operations, per Common
Share and Common OP Unit
$
0.40
$
0.36
Diluted Funds from operations before
Special Items, per Common Share and Common OP Unit
$
0.40
$
0.33
ACADIA REALTY TRUST AND
SUBSIDIARIES
Reconciliation of Consolidated
Operating Income to Net Property Operating Income (“NOI”)
(1)
(Dollars in thousands)
Three Months Ended March
31,
2023
2022
Consolidated operating income
$
12,108
$
40,042
Add back:
General and administrative
9,946
11,937
Depreciation and amortization
33,173
33,713
Less:
Above/below market rent, straight-line
rent and other adjustments
(2,242
)
(6,757
)
Gain on disposition of properties
—
(28,815
)
Consolidated NOI
52,985
50,120
Redeemable noncontrolling interest in
consolidated NOI
(1,217
)
—
Noncontrolling interest in consolidated
NOI
(14,475
)
(15,877
)
Less: Operating Partnership's interest in
Fund NOI included above
(5,037
)
(3,844
)
Add: Operating Partnership's share of
unconsolidated
joint ventures NOI (5)
3,959
3,641
NOI - Core Portfolio
$
36,215
$
34,040
ACADIA REALTY TRUST AND
SUBSIDIARIES
Consolidated Balance
Sheets (a)
(Dollars in thousands)
As of
March 31, 2023
December 31, 2022
ASSETS
Investments in real estate, at cost
Land
$
881,717
$
817,802
Buildings and improvements
2,995,451
2,987,594
Tenant improvements
235,442
216,899
Construction in progress
13,299
21,027
Right-of-use assets - finance leases
25,086
25,086
4,150,995
4,068,408
Less: Accumulated depreciation and
amortization
(749,627
)
(725,143
)
Operating real estate, net
3,401,368
3,343,265
Real estate under development
117,914
184,602
Net investments in real estate
3,519,282
3,527,867
Notes receivable, net
123,967
123,903
Investments in and advances to
unconsolidated affiliates
191,552
291,156
Other assets, net
200,430
229,591
Right-of-use assets - operating leases,
net
36,379
37,281
Cash and cash equivalents
17,125
17,158
Restricted cash
14,257
15,063
Marketable securities
34,227
—
Rents receivable, net
45,934
49,506
Assets of properties held for sale
11,057
11,057
Total assets
$
4,194,210
$
4,302,582
LIABILITIES
Mortgage and other notes payable, net
$
926,918
$
928,639
Unsecured notes payable, net
647,101
696,134
Unsecured line of credit
172,587
168,287
Accounts payable and other liabilities
191,837
196,491
Lease liability - operating leases,
net
34,361
35,271
Dividends and distributions payable
18,498
18,395
Distributions in excess of income from,
and investments in, unconsolidated affiliates
9,376
10,505
Total liabilities
2,000,678
2,053,722
Commitments and contingencies
Redeemable noncontrolling interests
63,269
67,664
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value per share,
authorized 200,000,000 shares, issued and outstanding 95,207,514
and 95,120,773 shares, respectively
95
95
Additional paid-in capital
1,945,157
1,945,322
Accumulated other comprehensive income
30,003
46,817
Distributions in excess of accumulated
earnings
(304,173
)
(300,402
)
Total Acadia shareholders’ equity
1,671,082
1,691,832
Noncontrolling interests
459,181
489,364
Total equity
2,130,263
2,181,196
Total liabilities, equity and redeemable
noncontrolling interests
$
4,194,210
$
4,302,582
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
- 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 made available on the Company’s website at
www.acadiarealty.com.
- 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, 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.
- 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. They are helpful as they
exclude various items included in net income (loss) that are not
indicative of the 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 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 RCP
investments such as Albertsons; and
- any realized income or gains from the Company’s investment in
Albertsons.
- 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.
- 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230502005557/en/
Jennifer Han (914) 288-8100
Acadia Realty (NYSE:AKR)
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