As of September 30, 2024, ACADIA Realty Trust reported total revenues of $266.4 million for the nine months ended, reflecting a $13.2 million increase from $253.2 million in the same period of 2023. For the third quarter alone, revenues rose to $87.7 million, up from $81.4 million year-over-year. The increase in revenue was primarily driven by a significant rise in the Investment Management segment, which saw revenues increase by $8.1 million to $42.2 million, attributed to property acquisitions and new tenant leases.
Operating income for the nine months ended September 30, 2024, was $49.3 million, compared to $38.5 million in the prior year, marking a $10.8 million increase. However, net income for the same period decreased to $7.0 million from $8.5 million in 2023, with net income attributable to Acadia shareholders falling to $13.1 million from $21.2 million. The decline in net income was influenced by a decrease in Core Portfolio revenues, which dropped by $5.5 million due to various factors including accelerated amortization of a below-market lease and strategic tenant space recaptures.
The company’s total assets as of September 30, 2024, were reported at $4.3 billion, slightly down from $4.28 billion at the end of 2023. Operating real estate net decreased to $3.45 billion from $3.52 billion, while cash and cash equivalents increased significantly to $46.2 million from $17.5 million. Total liabilities also decreased to $1.87 billion from $2.16 billion, reflecting a reduction in total debt from $1.88 billion to $1.59 billion.
Strategically, ACADIA Realty Trust has been active in acquisitions, including the purchase of the Walk at Highwoods Preserve shopping center for $30.8 million and the Bleecker Street Portfolio for $20.3 million. The company also sold a 95% interest in the Shops at Grand property for $48.3 million, retaining a 5% interest valued at $2.4 million. Additionally, the company has been managing its debt effectively, with a significant portion of its debt now fixed-rate, and has utilized derivative financial instruments to hedge against interest rate fluctuations.
Overall, while ACADIA Realty Trust has seen growth in revenue and operating income, challenges in net income and strategic adjustments in its Core Portfolio have influenced its financial performance in the recent fiscal period.
About ACADIA REALTY TRUST
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