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Sep 30, 2020
Acadia Q3 2020 Earnings Report
Reported third quarter operating results, which were impacted by the COVID-19 Pandemic.
Key Takeaways
Acadia Realty Trust reported a GAAP loss per share of $0.10 for the quarter ended September 30, 2020. Core Portfolio cash collections improved, with 87% of billed rents and recoveries collected for the full third quarter. Same-property NOI decreased by 21.4% compared to the same period in 2019, predominantly due to credit reserves.
Collected 90% of September 2020 billed rents and recoveries.
Collected 87% of billed rents and recoveries for the full third quarter.
Approximately 86% of Core Portfolio’s pro-rata gross annualized base rents (“ABR”) was open for business at September 30, 2020.
Executed 11 new and renewal conforming leases in the Core Portfolio during the third quarter, with comparable cash and GAAP spreads of 5.1% and 12.5% on conforming leases, respectively.
Forward Guidance
The Company currently expects to reinstate quarterly distributions in the first quarter of 2021, which would be subject to Board approval at that time.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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