Q3 2024 Acadia Realty Trust Earnings Call Transcript
Key Points
- Acadia Realty Trust (AKR) reported strong internal growth, with an average of over 6% same-store NOI growth over the past three years.
- The company has maintained a strong balance sheet, securing over $1 billion in debt and equity capital on a non-dilutive basis.
- Acadia Realty Trust (AKR) has closed or is under contract for $270 million in acquisitions, which are expected to contribute significantly to earnings accretion.
- The company has a robust leasing pipeline, having signed a record $7 million in core leases in the third quarter, with several more leases in advanced negotiation stages.
- Acadia Realty Trust (AKR) is expanding its portfolio with strategic acquisitions in high-growth markets like SoHo, Williamsburg, and Georgetown, which are expected to drive long-term growth.
- The retail industry has faced a challenging capital market backdrop, impacting on-balance sheet acquisitions.
- There is competition in the street retail market, which could affect Acadia Realty Trust (AKR)'s ability to secure favorable deals.
- The company's occupancy rate dipped slightly, which could impact short-term revenue until new leases commence.
- Acadia Realty Trust (AKR) faces potential risks with new development projects, such as the Henderson Avenue expansion, which could be impacted by market demand fluctuations.
- The company must carefully manage its cost of capital to ensure that acquisitions remain accretive to earnings and NAV.
Hello and welcome to Acadia Realty Trust third quarter, 2024 earnings conference call. At this time, all participants are in a listen-only mode (Operator Instructions)
I would now like to hand the conference over to Alec Aaronson, Development Analyst. So you may begin.
Good morning and thank you for joining us for the third quarter 2024 Acadia Realty Trust earnings conference call. My name is Alec Aaronson and I'm an analyst in our development 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 meeting of the Security and Exchange Act of 1934, and actual results may differ materially from those indicated by such forward-looking statements.
Due to a variety of risk 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 October 28, 2024, and the
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