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Acadia Realty Trust reports news on its equity REIT business owning and operating street and open-air retail properties in high-demand retail corridors. Company updates commonly cover REIT Portfolio operating results, same-property NOI, leasing spreads, occupancy, funds from operations, quarterly dividends, and acquisitions of retail real estate assets.
Acadia also reports developments from its Investment Management platform, which targets opportunistic and value-add retail investments through institutional co-investment vehicles. Recurring announcements include portfolio transactions, joint venture activity, capital deployment, annual meeting notices, management changes, and investor conference participation.
Acadia Realty Trust (NYSE: AKR) has announced its participation in the BofA Securities 2024 Global Real Estate Conference, scheduled for September 10-12, 2024. The company's President and CEO, Kenneth F. Bernstein, will engage in a roundtable discussion on Wednesday, September 11, 2024, at 3:45 p.m. ET.
Acadia will make its presentation materials available on its website under the 'Investors - Presentations & Events' section. Additionally, the company plans to hold individual meetings with investors during the conference, providing an opportunity for more in-depth discussions about its operations and strategy.
Acadia Realty Trust (NYSE: AKR) has reported its second quarter 2024 results. The company achieved GAAP net earnings of $0.01 per share and FFO Before Special Items of $0.31 per share. Acadia's Core Same-Property NOI grew by 5.5%, driven by a 12% increase from its Street Portfolio. The company also increased its quarterly dividend by 5.6% to $0.19 per share.
Acadia completed or is negotiating approximately $150 million in accretive transactions. During the quarter, Acadia strengthened its balance sheet by announcing $100 million in private placement unsecured notes and extending its $750 million unsecured credit facility to 2028. The company's core portfolio was 94.8% leased and 91.8% occupied.
Acadia has updated its 2024 guidance, projecting net earnings per share of $0.07-$0.11, NAREIT FFO per share of $1.09-$1.13, and FFO Before Special Items per share of $1.26-$1.32.
Acadia Realty Trust (NYSE: AKR) will announce its second quarter 2024 earnings on July 30, 2024, after the market closes. The company has scheduled a conference call for July 31, 2024, at 11:00 AM ET to discuss the earnings and operating results. Investors can listen to the live conference call or access a replay via the company's website under the Investors section.
Acadia Realty Trust (NYSE: AKR) announced its participation in NAREIT’s REITweek®: 2024 Investor Conference, scheduled for June 3-6, 2024. Kenneth F. Bernstein, President and CEO of Acadia, will present on June 4 at 2:15 p.m. ET. The presentation materials will be available on Acadia's website under 'Investors – Presentations & Events.' The company will also host individual investor meetings during the conference. An audio webcast of the presentation will be available live, with a replay accessible for 30 days post-event on the company's website.
Acadia Realty Trust (NYSE: AKR) has finalized a strategic partnership with J.P. Morgan Asset Management to acquire retail assets.
This relationship began with Acadia selling a 95% interest in the Shops at Grand, a grocery-anchored shopping center in Maspeth, New York, to J.P. Morgan Real Estate Income Trust for $48 million.
Acadia will continue managing the property, earning management, leasing, and construction fees, plus potential promotes upon asset disposition.
Proceeds will be used to invest in high-growth street retail assets and reduce leverage.
CEO Kenneth F. Bernstein highlighted this move as part of Acadia's strategy to recycle capital and expand institutional relationships.
J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95% interest in Shops at Grand Avenue, a 99,837-square-foot, fully-leased, Class A grocery-anchored shopping center in Maspeth, Queens, NY. The acquisition, valued at $48 million, is part of a strategic joint venture with Acadia Realty Trust (NYSE: AKR). This deal boosts JPMREIT's portfolio to over $400 million and marks its first last-mile retail investment. The center, anchored by Stop & Shop, is situated in a dense residential area with nearly one million people within a three-mile radius. Doug Schwartz, Co-President of JPMREIT, emphasizes the investment's alignment with their 'New Economy' strategy, focusing on consumer proximity in densely populated areas.
Acadia Realty Trust (NYSE:AKR) has declared a quarterly cash dividend of $0.18 per common share for the quarter ended June 30, 2024. The dividend will be paid on July 15, 2024, to shareholders of record as of June 28, 2024.
Acadia Realty Trust (NYSE: AKR) reported first-quarter operating results, including GAAP net earnings of $0.03, FFO before special items of $0.33, and same-property NOI growth of 5.7%. The company operates a high-quality core real estate portfolio and a fund business. Management reaffirmed 2024 guidance and highlighted strong financial performance across various metrics. The balance sheet remains strong, with an extension and expansion of the unsecured credit facility. Transactional activities include asset sales and purchases to drive growth. The company is well-positioned for continued success.
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