AKR - Acadia Realty Trust (AKR) Q1 2024 Earnings Call Transcript
2024-04-30 17:28:02 ET
Acadia Realty Trust (AKR)
Q1 2024 Results Conference Call
April 30, 2024 11:00 AM ET
Company Participants
Jose Vilchez - Capital Markets Analyst
Ken Bernstein - President and CEO
A.J. Levine - Senior Vice President, Leasing and Development
John Gottfried - Executive Vice President, Chief Financial Officer
Stuart Seeley - Senior Managing Director of Strategy and Public Markets
Conference Call Participants
Lizzy Doykan - BofA Securities
Todd Thomas - KeyBanc Capital Markets
Linda Tsai - Jefferies Group
Craig Mailman - Citi
Ki Bin Kim - Truist
Michael Mueller - JPMorgan
Floris Van Dijkum - Compass Point
Paulina Rojas-Schmidt - Green Street
Presentation
Operator
Thank you for standing by, and welcome to Acadia Realty Trust First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the call over to Jose Vilchez. Please go ahead.
Jose Vilchez
Good morning and thank you for joining us for the first quarter 2024 Acadia Realty Trust earnings conference call. My name is Jose Vilchez, and I'm an Analyst in our Capital Markets department.
Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements within the meaning of the Securities and Exchange Act of 1934, and actual results may differ materially from those indicated by forward-looking statements due to a variety of risks and uncertainties, including those disclosed in the company's most recent Form 10-K and other periodic filings with the SEC. Forward-looking statements speak only as of the date of this call, April 30, 2024, and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including funds from operations and net operating income. Please see Acadia's earnings press release posted on its website for a reconciliation for the non-GAAP financial measures with the most directly comparable GAAP financial measures. [Operator Instructions]
Now, it is my pleasure to turn the call over to Ken Bernstein, President and Chief Executive Officer, who will begin today's management remarks.
Ken Bernstein
Great job, Jose. Thank you.
Welcome, everyone. I'm here with John and Stuart and A.J. Levine. And I'll give a few comments, then hand the call over to A.J. Then John will discuss our earnings guidance and our balance sheet metrics. And after that, our team is here to take questions.
As you can see in our earnings release, our first quarter performance was strong and continues a multiyear trend of peer-leading top line growth that is reflective of both the cyclical as well as the secular tailwinds that our portfolio is experiencing.
I'll let A.J. and John discuss the building blocks of our NOI growth going forward and the moving pieces of our earnings in detail, but short. The strong rebound and continued acceleration of the street retail component of our portfolio continues to drive this performance.
As A.J. will discuss, the combination of strong contractual growth and favorable recurring mark-to-market opportunities is positioning us for continued strong internal growth going forward. And as John will discuss, the stability of our balance sheet, further enhanced with our recent extension and expansion of our bank credit facility, positions us with limited maturities and limited floating rate exposure. All of this supports our goal of creating superior top line growth at the property level and then having that growth translate into bottom line's earnings growth....
Acadia Realty Trust (AKR) Q1 2024 Earnings Call Transcript