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Jason Blacksberg, Executive Vice President and Chief Legal Officer of Acadia Realty Trust (NYSE:AKR), recently sold 30,000 shares of the company’s common stock. The shares were sold at a weighted average price of $22.81, with the sale generating approximately $684,300. The actual sale prices ranged from $22.70 to $22.88 per share. The transaction occurred as AKR, a $2.8 billion market cap retail REIT, trades at a P/E ratio of 122x. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value.
Prior to this transaction, Blacksberg converted 30,000 LTIP Units into common shares, which are exchangeable on a 1:1 basis with the company’s common shares. Following these transactions, Blacksberg does not hold any common shares from this batch, but maintains other holdings within the company.
In other recent news, Acadia Realty Trust reported its fourth-quarter earnings for 2024, revealing earnings per share (EPS) of $0.07, which fell short of the anticipated $0.08. However, the company delivered strong revenue of $93.33 million, surpassing the forecasted $73.04 million. In addition to its earnings announcement, Acadia Realty Trust has launched an at-the-market equity offering program to sell common shares worth up to $500 million. This move is part of a broader strategy to manage its portfolio and strengthen its financial position, with the proceeds intended for acquisitions, debt repayment, and other corporate purposes.
The company also emphasized its strategic focus on direct-to-consumer brands in key markets, achieving a same-store net operating income (NOI) growth of 5.7% for the quarter. The strategic addition of over 50 new leases in 2024, including prominent brands like Tesla (NASDAQ:TSLA) and Lululemon (NASDAQ:LULU), underscores Acadia’s commitment to enhancing its retail portfolio. Looking ahead, Acadia projects a funds from operations (FFO) growth of 5.5% in 2025, with guidance set at $1.35 per share at the midpoint. The company remains focused on strategic street retail acquisitions, supported by $275 million in forward equity proceeds available for investments. Anticipated same-store NOI growth is projected at 5-6%.
Furthermore, Acadia Realty Trust has been active on the acquisition front, completing over $600 million in acquisitions last year, with half of the investments for its core portfolio and the other half for its investment management platform. The company has also entered into joint ventures, such as with TPG Real Estate to acquire the Link Promenade in Las Vegas for $275 million. These developments reflect Acadia’s strategic efforts to optimize its retail footprint and drive long-term growth.
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