Intrinsic value of Acadia Realty Trust - AKR

Previous Close

$28.54

  Intrinsic Value

$4.78

stock screener

  Rating & Target

str. sell

-83%

  Value-price divergence*

+10%

Previous close

$28.54

 
Intrinsic value

$4.78

 
Up/down potential

-83%

 
Rating

str. sell

 
Value-price divergence*

+10%

Our model is not good at valuating stocks of financial companies, such as AKR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AKR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.52
  29.20
  26.78
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.38
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
Revenue, $m
  190
  245
  311
  388
  476
  575
  686
  808
  942
  1,087
  1,244
  1,411
  1,589
  1,777
  1,975
  2,183
  2,401
  2,628
  2,866
  3,113
  3,371
  3,639
  3,917
  4,206
  4,507
  4,819
  5,144
  5,481
  5,832
  6,198
  6,578
Variable operating expenses, $m
 
  191
  242
  302
  370
  448
  534
  630
  734
  847
  969
  1,099
  1,238
  1,384
  1,538
  1,700
  1,870
  2,048
  2,233
  2,425
  2,626
  2,834
  3,051
  3,276
  3,511
  3,754
  4,007
  4,270
  4,543
  4,828
  5,124
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  168
  191
  242
  302
  370
  448
  534
  630
  734
  847
  969
  1,099
  1,238
  1,384
  1,538
  1,700
  1,870
  2,048
  2,233
  2,425
  2,626
  2,834
  3,051
  3,276
  3,511
  3,754
  4,007
  4,270
  4,543
  4,828
  5,124
Operating income, $m
  22
  54
  69
  86
  105
  127
  152
  179
  208
  240
  275
  312
  351
  393
  436
  482
  531
  581
  633
  688
  745
  804
  866
  930
  996
  1,065
  1,137
  1,211
  1,289
  1,370
  1,454
EBITDA, $m
  92
  152
  193
  240
  295
  356
  425
  501
  584
  674
  771
  875
  985
  1,101
  1,224
  1,353
  1,488
  1,629
  1,777
  1,930
  2,090
  2,256
  2,428
  2,607
  2,794
  2,987
  3,189
  3,398
  3,616
  3,842
  4,078
Interest expense (income), $m
  42
  55
  80
  109
  144
  183
  227
  277
  332
  391
  456
  526
  601
  680
  764
  853
  946
  1,043
  1,145
  1,251
  1,362
  1,477
  1,597
  1,721
  1,850
  1,985
  2,124
  2,269
  2,420
  2,577
  2,741
Earnings before tax, $m
  134
  0
  -11
  -24
  -39
  -56
  -76
  -98
  -123
  -151
  -182
  -214
  -250
  -288
  -328
  -371
  -415
  -463
  -512
  -563
  -617
  -673
  -731
  -792
  -854
  -920
  -988
  -1,058
  -1,131
  -1,208
  -1,287
Tax expense, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  73
  0
  -11
  -24
  -39
  -56
  -76
  -98
  -123
  -151
  -182
  -214
  -250
  -288
  -328
  -371
  -415
  -463
  -512
  -563
  -617
  -673
  -731
  -792
  -854
  -920
  -988
  -1,058
  -1,131
  -1,208
  -1,287

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,996
  5,114
  6,484
  8,079
  9,908
  11,977
  14,287
  16,839
  19,630
  22,656
  25,913
  29,395
  33,097
  37,014
  41,142
  45,477
  50,016
  54,760
  59,708
  64,862
  70,226
  75,803
  81,601
  87,625
  93,886
  100,393
  107,156
  114,190
  121,506
  129,120
  137,048
Adjusted assets (=assets-cash), $m
  3,924
  5,114
  6,484
  8,079
  9,908
  11,977
  14,287
  16,839
  19,630
  22,656
  25,913
  29,395
  33,097
  37,014
  41,142
  45,477
  50,016
  54,760
  59,708
  64,862
  70,226
  75,803
  81,601
  87,625
  93,886
  100,393
  107,156
  114,190
  121,506
  129,120
  137,048
Revenue / Adjusted assets
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
  0.048
Average production assets, $m
  2,274
  2,938
  3,725
  4,641
  5,692
  6,880
  8,207
  9,673
  11,277
  13,015
  14,886
  16,886
  19,013
  21,263
  23,634
  26,125
  28,733
  31,458
  34,300
  37,261
  40,342
  43,546
  46,877
  50,338
  53,934
  57,672
  61,557
  65,598
  69,801
  74,175
  78,729
Working capital, $m
  0
  -25
  -31
  -39
  -48
  -57
  -69
  -81
  -94
  -109
  -124
  -141
  -159
  -178
  -197
  -218
  -240
  -263
  -287
  -311
  -337
  -364
  -392
  -421
  -451
  -482
  -514
  -548
  -583
  -620
  -658
Total debt, $m
  1,559
  2,287
  3,127
  4,104
  5,226
  6,494
  7,910
  9,474
  11,185
  13,040
  15,037
  17,171
  19,441
  21,842
  24,372
  27,029
  29,812
  32,720
  35,753
  38,913
  42,200
  45,619
  49,173
  52,866
  56,704
  60,693
  64,839
  69,150
  73,635
  78,303
  83,162
Total liabilities, $m
  2,407
  3,135
  3,975
  4,952
  6,074
  7,342
  8,758
  10,322
  12,033
  13,888
  15,885
  18,019
  20,289
  22,690
  25,220
  27,877
  30,660
  33,568
  36,601
  39,761
  43,048
  46,467
  50,021
  53,714
  57,552
  61,541
  65,687
  69,998
  74,483
  79,151
  84,010
Total equity, $m
  1,589
  1,979
  2,509
  3,127
  3,834
  4,635
  5,529
  6,517
  7,597
  8,768
  10,028
  11,376
  12,809
  14,325
  15,922
  17,599
  19,356
  21,192
  23,107
  25,102
  27,177
  29,336
  31,579
  33,911
  36,334
  38,852
  41,469
  44,191
  47,023
  49,969
  53,038
Total liabilities and equity, $m
  3,996
  5,114
  6,484
  8,079
  9,908
  11,977
  14,287
  16,839
  19,630
  22,656
  25,913
  29,395
  33,098
  37,015
  41,142
  45,476
  50,016
  54,760
  59,708
  64,863
  70,225
  75,803
  81,600
  87,625
  93,886
  100,393
  107,156
  114,189
  121,506
  129,120
  137,048
Debt-to-equity ratio
  0.981
  1.160
  1.250
  1.310
  1.360
  1.400
  1.430
  1.450
  1.470
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.540
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.560
  1.570
  1.570
  1.570
Adjusted equity ratio
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  0
  -11
  -24
  -39
  -56
  -76
  -98
  -123
  -151
  -182
  -214
  -250
  -288
  -328
  -371
  -415
  -463
  -512
  -563
  -617
  -673
  -731
  -792
  -854
  -920
  -988
  -1,058
  -1,131
  -1,208
  -1,287
Depreciation, amort., depletion, $m
  70
  98
  124
  155
  190
  229
  274
  322
  376
  434
  496
  563
  634
  709
  788
  871
  958
  1,049
  1,143
  1,242
  1,345
  1,452
  1,563
  1,678
  1,798
  1,922
  2,052
  2,187
  2,327
  2,472
  2,624
Funds from operations, $m
  125
  98
  113
  131
  151
  173
  198
  224
  253
  283
  315
  348
  384
  421
  460
  500
  542
  586
  632
  679
  728
  779
  831
  886
  943
  1,003
  1,064
  1,129
  1,195
  1,265
  1,338
Change in working capital, $m
  13
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
Cash from operations, $m
  112
  103
  119
  139
  160
  183
  209
  236
  266
  297
  330
  365
  402
  440
  480
  521
  564
  609
  655
  703
  753
  805
  859
  915
  973
  1,034
  1,097
  1,162
  1,230
  1,302
  1,376
Maintenance CAPEX, $m
  0
  -76
  -98
  -124
  -155
  -190
  -229
  -274
  -322
  -376
  -434
  -496
  -563
  -634
  -709
  -788
  -871
  -958
  -1,049
  -1,143
  -1,242
  -1,345
  -1,452
  -1,563
  -1,678
  -1,798
  -1,922
  -2,052
  -2,187
  -2,327
  -2,472
New CAPEX, $m
  -645
  -664
  -787
  -916
  -1,051
  -1,188
  -1,327
  -1,466
  -1,603
  -1,739
  -1,871
  -2,000
  -2,127
  -2,250
  -2,371
  -2,490
  -2,608
  -2,725
  -2,842
  -2,961
  -3,081
  -3,204
  -3,330
  -3,461
  -3,597
  -3,738
  -3,886
  -4,040
  -4,203
  -4,374
  -4,554
Cash from investing activities, $m
  -611
  -740
  -885
  -1,040
  -1,206
  -1,378
  -1,556
  -1,740
  -1,925
  -2,115
  -2,305
  -2,496
  -2,690
  -2,884
  -3,080
  -3,278
  -3,479
  -3,683
  -3,891
  -4,104
  -4,323
  -4,549
  -4,782
  -5,024
  -5,275
  -5,536
  -5,808
  -6,092
  -6,390
  -6,701
  -7,026
Free cash flow, $m
  -499
  -637
  -765
  -902
  -1,046
  -1,195
  -1,348
  -1,503
  -1,660
  -1,817
  -1,975
  -2,131
  -2,288
  -2,444
  -2,600
  -2,757
  -2,915
  -3,074
  -3,236
  -3,401
  -3,570
  -3,743
  -3,923
  -4,108
  -4,301
  -4,502
  -4,711
  -4,930
  -5,159
  -5,399
  -5,651
Issuance/(repayment) of debt, $m
  -48
  728
  840
  978
  1,121
  1,268
  1,416
  1,564
  1,711
  1,855
  1,997
  2,135
  2,269
  2,401
  2,530
  2,657
  2,783
  2,908
  3,033
  3,160
  3,288
  3,419
  3,554
  3,693
  3,838
  3,989
  4,146
  4,311
  4,485
  4,667
  4,860
Issuance/(repurchase) of shares, $m
  450
  462
  541
  641
  746
  856
  970
  1,086
  1,203
  1,322
  1,442
  1,562
  1,683
  1,804
  1,925
  2,048
  2,172
  2,298
  2,427
  2,558
  2,693
  2,831
  2,975
  3,123
  3,277
  3,438
  3,605
  3,780
  3,963
  4,154
  4,355
Cash from financing (excl. dividends), $m  
  589
  1,190
  1,381
  1,619
  1,867
  2,124
  2,386
  2,650
  2,914
  3,177
  3,439
  3,697
  3,952
  4,205
  4,455
  4,705
  4,955
  5,206
  5,460
  5,718
  5,981
  6,250
  6,529
  6,816
  7,115
  7,427
  7,751
  8,091
  8,448
  8,821
  9,215
Total cash flow (excl. dividends), $m
  90
  554
  616
  717
  822
  930
  1,038
  1,147
  1,255
  1,360
  1,464
  1,565
  1,664
  1,761
  1,855
  1,948
  2,041
  2,132
  2,224
  2,317
  2,411
  2,507
  2,606
  2,708
  2,814
  2,925
  3,040
  3,161
  3,289
  3,422
  3,563
Retained Cash Flow (-), $m
  -489
  -462
  -541
  -641
  -746
  -856
  -970
  -1,086
  -1,203
  -1,322
  -1,442
  -1,562
  -1,683
  -1,804
  -1,925
  -2,048
  -2,172
  -2,298
  -2,427
  -2,558
  -2,693
  -2,831
  -2,975
  -3,123
  -3,277
  -3,438
  -3,605
  -3,780
  -3,963
  -4,154
  -4,355
Prev. year cash balance distribution, $m
 
  72
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  163
  74
  76
  76
  73
  69
  61
  51
  38
  22
  3
  -19
  -43
  -70
  -100
  -132
  -166
  -203
  -241
  -282
  -324
  -369
  -415
  -463
  -513
  -565
  -619
  -674
  -732
  -791
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  150
  62
  57
  51
  44
  36
  28
  20
  12
  6
  1
  -3
  -6
  -8
  -9
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.0
  70.2
  59.9
  51.7
  44.9
  39.4
  34.8
  31.0
  27.8
  25.0
  22.6
  20.6
  18.8
  17.3
  15.9
  14.7
  13.6
  12.6
  11.8
  11.0
  10.3
  9.6
  9.0
  8.5
  8.0
  7.5
  7.1
  6.7
  6.3
  5.9

Acadia Realty Trust, a real estate investment trust (REIT), engages primarily in the ownership, acquisition, redevelopment, and management of retail properties in the United States. Its retail properties include neighborhood and community shopping centers, and mixed-use properties with retail components. As of December 31, 2008, it owned or had interests in, and operated 85 properties primarily in the northeast, mid-Atlantic, and Midwest regions of the United States. The company qualifies as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Acadia Realty Trust was founded in 1964 and is headquartered in White Plains, New York.

FINANCIAL RATIOS  of  Acadia Realty Trust (AKR)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 12.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 98.1%
Total Debt to Equity 98.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 73.7%
Gross Margin - 3 Yr. Avg. 73.3%
EBITDA Margin 129.5%
EBITDA Margin - 3 Yr. Avg. 133%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 20.7%
Pre-Tax Margin 70.5%
Pre-Tax Margin - 3 Yr. Avg. 77.1%
Net Profit Margin 38.4%
Net Profit Margin - 3 Yr. Avg. 37%
Effective Tax Rate -0.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 124.7%

AKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKR stock intrinsic value calculation we used $190 million for the last fiscal year's total revenue generated by Acadia Realty Trust. The default revenue input number comes from 2016 income statement of Acadia Realty Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AKR stock valuation model: a) initial revenue growth rate of 29.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.9%, whose default value for AKR is calculated based on our internal credit rating of Acadia Realty Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Acadia Realty Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AKR stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AKR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Acadia Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Acadia Realty Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AKR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AKR are equal to 1196.8%.

Life of production assets of 32.5 years is the average useful life of capital assets used in Acadia Realty Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AKR is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1589 million for Acadia Realty Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 83.123 million for Acadia Realty Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Acadia Realty Trust at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Acadia Realty Trust reports 2Q results   [Jul-25-17 11:18PM  Associated Press]
▶ Acadia Realty Trust reports 1Q results   [Apr-24-17 04:56PM  Associated Press]
▶ Acadia Realty Trust Announces 2017 Annual Meeting Date   [Mar-24-17 04:15PM  Business Wire]
▶ Is Acadia Realty Trust (AKR) A Good Stock To Buy?   [Dec-15-16 02:13AM  at Insider Monkey]
▶ Weingarten Realty sells Wake Forest retail center for $36.6M   [Oct-03-16 01:45PM  at bizjournals.com]
Stock chart of AKR Financial statements of AKR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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