Intrinsic value of Acadia Realty Trust - AKR

Previous Close

$25.68

  Intrinsic Value

$4.73

stock screener

  Rating & Target

str. sell

-82%

Previous close

$25.68

 
Intrinsic value

$4.73

 
Up/down potential

-82%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  190
  235
  285
  342
  406
  475
  551
  633
  720
  814
  913
  1,017
  1,127
  1,243
  1,363
  1,489
  1,620
  1,757
  1,899
  2,046
  2,200
  2,359
  2,525
  2,697
  2,876
  3,063
  3,256
  3,458
  3,668
  3,887
  4,115
Variable operating expenses, $m
 
  183
  222
  267
  316
  370
  429
  493
  561
  634
  711
  793
  878
  968
  1,062
  1,160
  1,262
  1,368
  1,479
  1,594
  1,714
  1,838
  1,967
  2,101
  2,241
  2,386
  2,537
  2,694
  2,858
  3,028
  3,206
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
  183
  222
  267
  316
  370
  429
  493
  561
  634
  711
  793
  878
  968
  1,062
  1,160
  1,262
  1,368
  1,479
  1,594
  1,714
  1,838
  1,967
  2,101
  2,241
  2,386
  2,537
  2,694
  2,858
  3,028
  3,206
Operating income, $m
  22
  52
  63
  76
  90
  105
  122
  140
  159
  180
  202
  225
  249
  275
  301
  329
  358
  388
  420
  452
  486
  521
  558
  596
  636
  677
  720
  764
  811
  859
  910
EBITDA, $m
  92
  145
  177
  212
  252
  295
  342
  392
  447
  505
  566
  631
  699
  770
  845
  923
  1,004
  1,089
  1,177
  1,269
  1,364
  1,463
  1,565
  1,672
  1,783
  1,899
  2,019
  2,144
  2,274
  2,410
  2,551
Interest expense (income), $m
  42
  55
  75
  98
  123
  152
  183
  217
  253
  292
  334
  378
  425
  474
  526
  580
  636
  694
  756
  819
  885
  954
  1,025
  1,099
  1,176
  1,256
  1,339
  1,426
  1,516
  1,610
  1,708
Earnings before tax, $m
  134
  -3
  -12
  -22
  -34
  -47
  -61
  -77
  -94
  -112
  -132
  -154
  -176
  -200
  -224
  -251
  -278
  -306
  -336
  -367
  -399
  -432
  -467
  -503
  -540
  -579
  -620
  -662
  -705
  -751
  -798
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
  -3
  -12
  -22
  -34
  -47
  -61
  -77
  -94
  -112
  -132
  -154
  -176
  -200
  -224
  -251
  -278
  -306
  -336
  -367
  -399
  -432
  -467
  -503
  -540
  -579
  -620
  -662
  -705
  -751
  -798

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
  4,889
  5,947
  7,135
  8,454
  9,903
  11,480
  13,183
  15,009
  16,955
  19,017
  21,195
  23,485
  25,887
  28,398
  31,020
  33,753
  36,597
  39,556
  42,632
  45,830
  49,152
  52,604
  56,193
  59,924
  63,804
  67,842
  72,045
  76,422
  80,983
  85,738
Adjusted assets (=assets-cash), $m
  3,924
  4,889
  5,947
  7,135
  8,454
  9,903
  11,480
  13,183
  15,009
  16,955
  19,017
  21,195
  23,485
  25,887
  28,398
  31,020
  33,753
  36,597
  39,556
  42,632
  45,830
  49,152
  52,604
  56,193
  59,924
  63,804
  67,842
  72,045
  76,422
  80,983
  85,738
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
  2,808
  3,416
  4,099
  4,857
  5,689
  6,595
  7,573
  8,622
  9,740
  10,925
  12,176
  13,491
  14,871
  16,314
  17,820
  19,390
  21,024
  22,724
  24,491
  26,327
  28,236
  30,219
  32,281
  34,424
  36,653
  38,973
  41,387
  43,902
  46,522
  49,253
Working capital, $m
  0
  -89
  -108
  -130
  -154
  -180
  -209
  -240
  -273
  -308
  -346
  -386
  -427
  -471
  -517
  -564
  -614
  -666
  -720
  -776
  -834
  -894
  -957
  -1,022
  -1,090
  -1,161
  -1,234
  -1,311
  -1,390
  -1,473
  -1,560
Total debt, $m
  1,559
  2,149
  2,797
  3,526
  4,335
  5,223
  6,190
  7,233
  8,352
  9,545
  10,810
  12,145
  13,548
  15,020
  16,560
  18,167
  19,842
  21,586
  23,400
  25,286
  27,245
  29,282
  31,398
  33,598
  35,885
  38,264
  40,739
  43,316
  45,999
  48,795
  51,709
Total liabilities, $m
  2,407
  2,997
  3,645
  4,374
  5,183
  6,071
  7,038
  8,081
  9,200
  10,393
  11,658
  12,993
  14,396
  15,868
  17,408
  19,015
  20,690
  22,434
  24,248
  26,134
  28,093
  30,130
  32,246
  34,446
  36,733
  39,112
  41,587
  44,164
  46,847
  49,643
  52,557
Total equity, $m
  1,589
  1,892
  2,301
  2,761
  3,272
  3,833
  4,443
  5,102
  5,808
  6,561
  7,360
  8,202
  9,089
  10,018
  10,990
  12,005
  13,062
  14,163
  15,308
  16,499
  17,736
  19,022
  20,358
  21,747
  23,191
  24,692
  26,255
  27,881
  29,575
  31,341
  33,181
Total liabilities and equity, $m
  3,996
  4,889
  5,946
  7,135
  8,455
  9,904
  11,481
  13,183
  15,008
  16,954
  19,018
  21,195
  23,485
  25,886
  28,398
  31,020
  33,752
  36,597
  39,556
  42,633
  45,829
  49,152
  52,604
  56,193
  59,924
  63,804
  67,842
  72,045
  76,422
  80,984
  85,738
Debt-to-equity ratio
  0.981
  1.140
  1.220
  1.280
  1.320
  1.360
  1.390
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
  1.540
  1.540
  1.540
  1.550
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
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
  -3
  -12
  -22
  -34
  -47
  -61
  -77
  -94
  -112
  -132
  -154
  -176
  -200
  -224
  -251
  -278
  -306
  -336
  -367
  -399
  -432
  -467
  -503
  -540
  -579
  -620
  -662
  -705
  -751
  -798
Depreciation, amort., depletion, $m
  70
  94
  114
  137
  162
  190
  220
  252
  287
  325
  364
  406
  450
  496
  544
  594
  646
  701
  757
  816
  878
  941
  1,007
  1,076
  1,147
  1,222
  1,299
  1,380
  1,463
  1,551
  1,642
Funds from operations, $m
  125
  91
  102
  114
  128
  143
  159
  176
  193
  212
  232
  252
  274
  296
  319
  343
  369
  395
  422
  450
  479
  509
  540
  573
  607
  643
  680
  718
  758
  800
  843
Change in working capital, $m
  13
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -86
Cash from operations, $m
  112
  108
  121
  136
  152
  169
  188
  207
  227
  248
  269
  292
  315
  340
  365
  391
  418
  446
  475
  506
  537
  569
  603
  638
  675
  713
  753
  794
  838
  883
  930
Maintenance CAPEX, $m
  0
  -76
  -94
  -114
  -137
  -162
  -190
  -220
  -252
  -287
  -325
  -364
  -406
  -450
  -496
  -544
  -594
  -646
  -701
  -757
  -816
  -878
  -941
  -1,007
  -1,076
  -1,147
  -1,222
  -1,299
  -1,380
  -1,463
  -1,551
New CAPEX, $m
  -645
  -534
  -608
  -683
  -758
  -832
  -906
  -978
  -1,049
  -1,118
  -1,185
  -1,251
  -1,316
  -1,379
  -1,443
  -1,506
  -1,570
  -1,634
  -1,700
  -1,767
  -1,837
  -1,909
  -1,983
  -2,062
  -2,143
  -2,229
  -2,319
  -2,414
  -2,515
  -2,620
  -2,731
Cash from investing activities, $m
  -611
  -610
  -702
  -797
  -895
  -994
  -1,096
  -1,198
  -1,301
  -1,405
  -1,510
  -1,615
  -1,722
  -1,829
  -1,939
  -2,050
  -2,164
  -2,280
  -2,401
  -2,524
  -2,653
  -2,787
  -2,924
  -3,069
  -3,219
  -3,376
  -3,541
  -3,713
  -3,895
  -4,083
  -4,282
Free cash flow, $m
  -499
  -502
  -581
  -661
  -742
  -825
  -908
  -991
  -1,075
  -1,158
  -1,240
  -1,323
  -1,406
  -1,489
  -1,574
  -1,659
  -1,746
  -1,834
  -1,925
  -2,019
  -2,116
  -2,217
  -2,321
  -2,430
  -2,544
  -2,663
  -2,788
  -2,919
  -3,057
  -3,201
  -3,352
Issuance/(repayment) of debt, $m
  -48
  590
  649
  729
  809
  888
  967
  1,044
  1,119
  1,193
  1,265
  1,335
  1,404
  1,472
  1,540
  1,607
  1,675
  1,744
  1,814
  1,886
  1,960
  2,037
  2,116
  2,200
  2,287
  2,379
  2,475
  2,576
  2,683
  2,796
  2,915
Issuance/(repurchase) of shares, $m
  450
  378
  422
  482
  544
  607
  671
  736
  800
  865
  931
  996
  1,062
  1,129
  1,196
  1,265
  1,335
  1,407
  1,481
  1,557
  1,636
  1,718
  1,803
  1,892
  1,984
  2,081
  2,182
  2,288
  2,399
  2,516
  2,638
Cash from financing (excl. dividends), $m  
  589
  968
  1,071
  1,211
  1,353
  1,495
  1,638
  1,780
  1,919
  2,058
  2,196
  2,331
  2,466
  2,601
  2,736
  2,872
  3,010
  3,151
  3,295
  3,443
  3,596
  3,755
  3,919
  4,092
  4,271
  4,460
  4,657
  4,864
  5,082
  5,312
  5,553
Total cash flow (excl. dividends), $m
  90
  465
  490
  550
  611
  671
  730
  788
  845
  901
  955
  1,008
  1,060
  1,112
  1,163
  1,214
  1,265
  1,317
  1,370
  1,424
  1,480
  1,538
  1,598
  1,661
  1,727
  1,796
  1,869
  1,945
  2,026
  2,111
  2,201
Retained Cash Flow (-), $m
  -489
  -378
  -422
  -482
  -544
  -607
  -671
  -736
  -800
  -865
  -931
  -996
  -1,062
  -1,129
  -1,196
  -1,265
  -1,335
  -1,407
  -1,481
  -1,557
  -1,636
  -1,718
  -1,803
  -1,892
  -1,984
  -2,081
  -2,182
  -2,288
  -2,399
  -2,516
  -2,638
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
 
  159
  68
  68
  66
  63
  59
  52
  45
  35
  24
  12
  -2
  -17
  -34
  -52
  -70
  -90
  -111
  -133
  -156
  -180
  -205
  -231
  -257
  -285
  -313
  -343
  -373
  -405
  -438
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
 
  146
  57
  51
  45
  38
  31
  24
  17
  12
  7
  3
  0
  -3
  -4
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  84.5
  72.6
  62.9
  54.9
  48.3
  42.8
  38.2
  34.2
  30.8
  27.9
  25.4
  23.2
  21.2
  19.5
  18.0
  16.6
  15.4
  14.3
  13.3
  12.4
  11.6
  10.8
  10.1
  9.5
  8.9
  8.4
  7.9
  7.4
  7.0
  6.5

Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, development and management of retail properties located in the United States. It operates through three segments: Core Portfolio, Funds and Structured Financing. Core Portfolio and Fund properties primarily consist of street and urban retail, and dense suburban shopping centers. Funds holds primarily retail real estate in which it co-invests with institutional investors. Structured Financing consists of earnings and expenses related to notes and mortgages receivable, which are held within the Core Portfolio or the Funds. As of December 31, 2016, it had ownership interests in 182 properties within its core portfolio. In the Core Portfolio segment, the Company owned an interest in a 311,000 square foot shopping center, a 28,000 square foot retail and an interest in an 87,000 square foot retail property, among others, as of December 31, 2016.

FINANCIAL RATIOS  of  Acadia Realty Trust (AKR)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 11.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow -4
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 23.5% 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 -37.9%. 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 84.064 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 $2.2 billion.

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COMPANY NEWS

▶ Stocks That Fell to 3-Year Lows in the Week of Jan. 12   [Jan-14-18 11:49AM  GuruFocus.com]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-04-17 10:16AM  GuruFocus.com]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 1   [Dec-01-17 10:38PM  GuruFocus.com]
▶ Acadia Realty Trust reports 3Q results   [Nov-06-17 05:37AM  Associated Press]
▶ Acadia Realty Trust to Host Earnings Call   [Nov-03-17 09:10AM  ACCESSWIRE]
▶ Acadia Realty CEO Sees 'Healthy' Reorganization in Retail   [Aug-23-17 05:38PM  Bloomberg Video]
▶ 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]
Financial statements of AKR
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