Acadia Realty Trust (NYSE:AKR) Q3 2022 Earnings Conference Call November 4, 2022 11:00 AM ET

Company Participants

Max Kohl – Acquisitions Analyst

Ken Bernstein – President and Chief Executive Officer

John Gottfried – Executive Vice President and Chief Financial Officer

Amy Racanello – Senior Vice President, Capital Markets and Head of Asset Management

Conference Call Participants

Todd Thomas – KeyBanc

Ki Bin Kim – Truist

Linda Tsai – Jefferies

Jeff Spector – Bank of America

Operator

Good day and thank you for standing by. Welcome to the Third Quarter 2022 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 be advised that your conference is being recorded.

I would now like to hand the conference over to your speaker today, Max Kohl. Please go ahead.

Max Kohl

Good morning and thank you for joining us for the third quarter 2022 Acadia Realty Trust earnings conference call. My name is Max Kohl and I'm an analyst in our acquisitions 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 speak only as of the date of this call, November 2, 2022, 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 reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. Once the call becomes open for questions, we ask that you limit your first round to two questions per caller to give everyone the opportunity to participate. You may ask further questions by reinserting yourself into the queue and we will answer them as time permits.

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, Max. Welcome everyone. As you can see in our quarterly release, we had another strong quarter led by the outperformance of our street retail portfolio, fundamentals remain strong and at the upper end of our forecast. Same-store NOI growth for the quarter came in stronger than forecasted at 5.4%. Leasing activity was robust with both an increase in physical and leased occupancy. Leasing spreads also reflected this momentum with cash leasing spreads in excess of 20%.