Q2 2024 Acadia Realty Trust Earnings Call Transcript
Key Points
- Acadia Realty Trust (AKR) reported strong second-quarter performance, leading to an increase in full-year earnings guidance and a quarterly dividend hike.
- The company has maintained a solid balance sheet with strong liquidity, limited maturity exposure, and attractive debt access.
- Acadia Realty Trust (AKR) has seen significant internal growth, with same-store NOI growth averaging over 6% for the last two years.
- The company is making progress on several high-quality street retail acquisitions in key shopping corridors, including Manhattan and Brooklyn.
- Acadia Realty Trust (AKR) has a robust leasing pipeline, with significant increases in leasing velocity and advanced negotiations for additional leases.
- Despite strong performance, there is still a lag between tenant sales growth and rent growth, which can take between two to five years to catch up.
- The company faces challenges in maintaining and increasing occupancy rates, particularly in its street and urban portfolio.
- There is uncertainty in the market, with sellers previously sitting on the sidelines due to unclear lending and interest rate environments.
- Acadia Realty Trust (AKR) has a relatively small percentage of leases with percentage rents, limiting potential upside from tenant sales growth.
- The company has to navigate the complexities of retenanting and remerchandising properties to achieve higher yields and growth.
Good day, and thank you for standing by. Welcome to the Acadia Realty Trust second quarter 2024 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded.
I will now hand the conference over to your speaker host, Ethan Gomez. Please go ahead.
Good morning, and thank you for joining us for the second quarter 2024 Acadia Realty Trust earnings conference call. My name is Ethan Gomez, and I'm an intern in our acquisitions department.
Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements within the meaning of the Securities and Exchange Act of 1934, and actual results may differ materially from those indicated by such forward-looking statements.
Due to a variety of risks and uncertainties, including those disclosed in the company's most recent Form 10-K and other periodic filings with the SEC, forward-looking statements speak only as of the date of this call, July 31, 2024,
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