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Dec 31, 2020
Acadia Q4 2020 Earnings Report
Acadia reported a GAAP loss per share of $0.12, NAREIT FFO per share of $0.29 and FFO before Special Items per share of $0.24 for Q4 2020.
Key Takeaways
Acadia Realty Trust reported Q4 2020 operating results, highlighting solid cash collections and strengthening leasing activity within a resilient and diversified portfolio. The company collected 91% of billed rents and recoveries for the quarter. Acadia also reinstated its quarterly dividend at $0.15 per share commencing in Q1 2021.
Collected 91% of billed rents and recoveries for the fourth quarter 2020.
Approximately 88% and 90% of Core Portfolio’s tenants were open for business at December 31, 2020 based on pro-rata gross annualized base rents (“ABR”) and gross leasable area (“GLA”), respectively
GAAP and cash leasing spreads of 13.9% and 5.8%, respectively, on comparable new and renewal leases executed during the fourth quarter 2020
Reinstatement of dividend at $0.15 per share.
Forward Guidance
Acadia estimates (loss) earnings per share to be from ($0.12) to $0.04 per diluted share and FFO before Special Items, to be $0.98 to $1.14 per diluted share for 2021.
Positive Outlook
- The guidance range assumes no further government mandated shut-downs
- Continuation of elevated COVID-19 impacts through at least the first half of 2021
- Expectation of improving operating results in the latter portion of 2021
- Improvement is anticipated from rent commencements on newly executed leases
- Reduced credit reserves as tenant re-openings (primarily within our Street portfolio) occur.
Challenges Ahead
- Elevated COVID-19 impacts through at least the first half of 2021
- Uncertainties resulting from COVID-19
- 2021 guidance does not incorporate any assumptions involving adjustments to its straight-line rent reserves
Historical Earnings Impact
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Avg. Return Before/After Earnings
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