Acadia Realty Trust (AKR) FY2022 results: revenue $326 million, up 11.6% on the year

Acadia Realty Trust (AKR) reported revenue of $326 million for fiscal 2022, the year ended 31 December 2022, up 11.6% on the year before. Net income was -$35 million, and diluted earnings per share $-0.40. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$326 million

+11.6% on the year

FY2015FY2022

Operating margin

20.9%

10.5% a year earlier

FY2015FY2022

Net income

-$35 million

FY2015FY2022

Diluted EPS

-$0.40

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	326	292	251	+11.6%
Operating income	68.2	30.7	-115	+122.6%
Operating margin	20.9%	10.5%	-45.9%
Pre-tax income	-65.2	26.1	-65.4
Income tax	0.0	0.1	0.3	-87.1%
Effective tax rate	n/a	0.4%	n/a
Net income	-35.4	23.5	-9.0
Net margin	-10.9%	8.1%	-3.6%
Diluted EPS	-$0.40	$0.26	-$0.11

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	133	105	104	+26.9%
Capital expenditure	51.0	40.7	36.6	+25.5%
Free cash flow	82.2	64.3	67.4	+27.8%
Free cash flow margin	25.2%	22.0%	26.8%
Cash from investing	-124	-199	-101
Cash from financing	-4.4	91.3	-1.3
Depreciation and amortisation	136	123	147	+10.1%
Share-based compensation	11.1	12.4	10.9	-10.5%
Dividends paid	64.6	39.5	50.2	+63.6%
Dividend per share	$0.72	$0.60	$0.29	+20.0%
Diluted shares, weighted	95m	88m	86m	+8.0%
Shares outstanding at period end	95m	89m	86m	+6.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,692	1,522	1,441	+11.2%
Non-controlling interest	489	628	609	-22.1%
Redeemable equity	67.7	0.0	n/a
Debt	1,793	1,812	1,708	-1.1%
Other liabilities	261	300	373	-13.0%
Total liabilities and equity	4,303	4,262	4,131	+1.0%
Intangible assets	102	109	100	-6.0%
Cash and equivalents	17.2	17.7	18.7	-3.3%
Other assets	4,183	4,135	4,012	+1.2%
Total assets	4,303	4,262	4,131	+1.0%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.