Acadia Q2 2020 Earnings Report
Key Takeaways
Acadia Realty Trust reported second quarter earnings reflecting gains from the monetization of Albertsons Companies Inc. offset by credit reserves resulting from the COVID-19 Pandemic. The company's Core Portfolio Operating Results showed a decrease in same-property NOI of -18.7% for the second quarter predominantly due to credit reserves on billed Core rents and recoveries resulting from the COVID-19 Pandemic along with the short-term delays of rent commencement on executed new leases.
GAAP income per share of $0.22.
NAREIT FFO per share of $0.49 and FFO before Special Items per share of $0.29, which excludes the unrealized gain on Albertsons.
Second quarter per share GAAP income, NAREIT FFO and FFO before Special Items were adversely impacted by approximately $0.10 of credit loss, straight-line rent reserves and tenant abatements associated with the COVID-19 Pandemic.
Decrease in same-property NOI of -18.7% for the second quarter predominantly due to credit reserves on billed Core rents and recoveries resulting from the COVID-19 Pandemic along with the short-term delays of rent commencement on executed new leases.
Acadia
Acadia
Forward Guidance
Acadia remains well positioned to withstand the temporary disruption caused by COVID-19.
Positive Outlook
- Retail stores re-opening
- Consumers returning to locations
- Strong balance sheet
- Solid collection rates
- Unique and diversified portfolio