Acadia Realty Trust (NYSE:AKR) Q1 2023 Earings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Jason Martin - Asset Management

Kenneth Bernstein - President and Chief Executive Officer

Stuart Seeley - Senior Managing Director of Strategy and Public Markets

John Gottfried - Executive Vice President and Chief Financial Officer

Conference Call Participants

Floris van Dijkum - Compass Point

Ki Bin Kim - Truist Securities

Todd Thomas - KeyBanc Capital Markets

Linda Tsai - Jefferies

Michael Mueller - JP Morgan

Craig Mailman - Citi

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the First Quarter 2023 Acadia Realty Trust Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation there will be a question and answer session.

[Operator Instructions] Please note that today's conference is being recorded.

I will now hand the conference over to your speaker host, Jay Martin. Please go ahead.

Jason Martin

Good morning, and thank you for joining us for the First Quarter 2023 Acadia Realty Trust Earnings Conference Call. My name is Jay Martin, and I am an analyst in our Asset Management 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 such 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 speaks only as of the date of this call, May 3, 2023, 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 earning press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. [Operator Instructions]

Now, it's my pleasure to turn the call over to Ken Bernstein, President and Chief Executive Officer, who will begin today's management remarks.

Kenneth Bernstein

Thank you. Great job, Jay. Welcome, everyone. I'm going to give a few comments. Then I'll turn the call over to Stuart Seeley, and then, John Gottfried. As you can see in our earnings release, our first quarter results represented another strong quarter. Same-property NOI growth was ahead of our expectations at 7% and our earnings were ahead of forecast, as well. It's worth noting that this is not just one good quarter in isolation.