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• | Earnings: Generated earnings per share of $0.15 and funds from operations (“FFO”) per share of $0.37 for the third quarter |
• | Core Portfolio Operating Results: Same-property net operating income growth was stable (0.0%) for the third quarter; reported a leased occupancy rate of 95.0% as of quarter end |
• | Core Acquisition and Structured Finance Investments: The Company did not acquire any investments in the Core Portfolio during the third quarter. The Company anticipates repayments of approximately $32 million of structured finance investments during 2017, of which $12 million has been repaid through September 30th |
• | Fund Acquisitions: Fund V acquired two high-yield investments during the third quarter for $70 million; year-to-date Fund acquisition volume totals $141 million |
• | Fund Dispositions: Completed $53 million of Fund dispositions during the third quarter; year-to-date disposition volume totals $212 million across Funds II, III and IV, including $106 million completed during October; the Fund platform also has $29 million of dispositions under contract |
• | Fund III Promote: During 2017, generated approximately $1 million (approximately $0.01 per share) of net promote income for the Company from Fund III asset sales, including $0.4 million recognized during the third quarter |
• | Balance Sheet: Maintained conservative leverage levels during 2017; Acadia did not issue any equity during the third quarter |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | ||||||||||||||||
Rental income | $ | 51,707 | $ | 35,710 | $ | 148,760 | $ | 109,486 | ||||||||
Expense reimbursements | 9,957 | 7,192 | 32,347 | 22,920 | ||||||||||||
Other | 1,014 | 953 | 3,074 | 3,412 | ||||||||||||
Total revenues | 62,678 | 43,855 | 184,181 | 135,818 | ||||||||||||
Operating expenses | ||||||||||||||||
Depreciation and amortization | 26,652 | 15,217 | 77,245 | 46,744 | ||||||||||||
General and administrative | 7,953 | 12,869 | 25,286 | 30,742 | ||||||||||||
Real estate taxes | 8,822 | 6,195 | 27,462 | 18,000 | ||||||||||||
Property operating | 9,417 | 5,055 | 26,978 | 15,697 | ||||||||||||
Other operating | 250 | 3,265 | 987 | 4,094 | ||||||||||||
Impairment of an asset | 3,840 | — | 3,840 | — | ||||||||||||
Total operating expenses | 56,934 | 42,601 | 161,798 | 115,277 | ||||||||||||
Operating income | 5,744 | 1,254 | 22,383 | 20,541 | ||||||||||||
Equity in earnings (losses) and gains (losses) of unconsolidated affiliates inclusive of gains (losses) on disposition of properties of $0, ($726), $14,771 and ($726), respectively | 4,001 | (102 | ) | 21,044 | 3,592 | |||||||||||
Interest income | 6,461 | 7,245 | 23,648 | 19,298 | ||||||||||||
Interest expense | (15,428 | ) | (7,982 | ) | (39,666 | ) | (24,917 | ) | ||||||||
Income from continuing operations before income taxes | 778 | 415 | 27,409 | 18,514 | ||||||||||||
Income tax provision | (465 | ) | (89 | ) | (1,017 | ) | (123 | ) | ||||||||
Income from continuing operations before gain on disposition of properties | 313 | 326 | 26,392 | 18,391 | ||||||||||||
Gain on disposition of properties, net of tax | 12,972 | — | 12,972 | 81,965 | ||||||||||||
Net income | 13,285 | 326 | 39,364 | 100,356 | ||||||||||||
Net loss (income) attributable to noncontrolling interests | (418 | ) | 5,786 | 1,194 | (47,401 | ) | ||||||||||
Net income attributable to Acadia | $ | 12,867 | $ | 6,112 | $ | 40,558 | $ | 52,955 | ||||||||
Less: net income attributable to participating securities | (135 | ) | (58 | ) | (488 | ) | (617 | ) | ||||||||
Net income attributable to Common Shareholders - basic | $ | 12,732 | $ | 6,054 | $ | 40,070 | $ | 52,338 | ||||||||
Weighted average shares for diluted earnings per share | 83,700 | 78,621 | 83,669 | 74,133 | ||||||||||||
Net Earnings per share - basic and diluted (b) | $ | 0.15 | $ | 0.08 | $ | 0.48 | $ | 0.71 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income attributable to Acadia | $ | 12,867 | $ | 6,112 | $ | 40,558 | $ | 52,955 | ||||||||
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) | 20,309 | 16,340 | 62,935 | 45,780 | ||||||||||||
Gain on sale (net of noncontrolling interests’ share) | (2,294 | ) | — | (5,789 | ) | (19,257 | ) | |||||||||
Income attributable to Common OP Unit holders | 758 | 370 | 2,400 | 3,334 | ||||||||||||
Impairment of an asset (net of noncontrolling interests’ share) | 1,088 | — | 1,088 | — | ||||||||||||
Distributions - Preferred OP Units | 138 | 6 | 415 | 417 | ||||||||||||
Funds from operations attributable to Common Shareholders and Common OP Unit holders | $ | 32,866 | $ | 22,828 | $ | 101,607 | $ | 83,229 | ||||||||
Funds From Operations per Share - Diluted | ||||||||||||||||
Weighted average number of Common Shares and Common OP Units (d) | 89,000 | 83,163 | 88,999 | 79,138 | ||||||||||||
Diluted Funds from operations, per Common Share and Common OP Unit | $ | 0.37 | $ | 0.27 | $ | 1.14 | $ | 1.05 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Consolidated Operating Income | $ | 5,744 | $ | 1,254 | $ | 22,383 | $ | 20,541 | ||||||||
Add back: | ||||||||||||||||
General and administrative | 7,953 | 12,869 | 25,286 | 30,742 | ||||||||||||
Depreciation and amortization | 26,652 | 15,217 | 77,245 | 46,744 | ||||||||||||
Impairment of an asset | 3,840 | — | 3,840 | — | ||||||||||||
Less: | ||||||||||||||||
Above/below market rent, straight-line rent and other adjustments | (4,728 | ) | — | (14,671 | ) | (5,900 | ) | |||||||||
Consolidated NOI | 39,461 | 29,340 | 114,083 | 92,127 | ||||||||||||
Noncontrolling interest in consolidated NOI | (8,877 | ) | (3,400 | ) | (22,462 | ) | (15,600 | ) | ||||||||
Less: Operating Partnership's interest in Fund NOI included above | (2,569 | ) | (900 | ) | (6,545 | ) | (3,400 | ) | ||||||||
Add: Operating Partnership's share of unconsolidated joint ventures NOI (e) | 4,728 | 4,764 | 14,415 | 11,818 | ||||||||||||
NOI - Core Portfolio | $ | 32,743 | $ | 29,804 | $ | 99,491 | $ | 84,945 | ||||||||
As of | ||||||||
September 30, 2017 | December 31, 2016 | |||||||
ASSETS | ||||||||
Investments in real estate, at cost | ||||||||
Land | $ | 659,547 | $ | 693,252 | ||||
Buildings and improvements | 2,484,397 | 2,048,508 | ||||||
Construction in progress | 22,052 | 19,789 | ||||||
Properties under capital lease | 76,965 | 76,965 | ||||||
3,242,961 | 2,838,514 | |||||||
Less: accumulated depreciation | (337,961 | ) | (287,066 | ) | ||||
Operating real estate, net | 2,905,000 | 2,551,448 | ||||||
Real estate under development, at cost | 237,434 | 543,486 | ||||||
Net investments in real estate | 3,142,434 | 3,094,934 | ||||||
Notes receivable, net | 250,194 | 276,163 | ||||||
Investments in and advances to unconsolidated affiliates | 270,245 | 272,028 | ||||||
Other assets, net | 213,018 | 192,786 | ||||||
Cash and cash equivalents | 48,255 | 71,805 | ||||||
Rents receivable, net | 53,479 | 43,842 | ||||||
Restricted cash | 19,473 | 22,904 | ||||||
Assets of properties held for sale | 95,859 | 21,498 | ||||||
Total assets | $ | 4,092,957 | $ | 3,995,960 | ||||
LIABILITIES | ||||||||
Mortgage and other notes payable, net | $ | 1,045,877 | $ | 1,055,728 | ||||
Unsecured notes payable, net | 497,970 | 432,990 | ||||||
Unsecured line of credit | 59,000 | — | ||||||
Accounts payable and other liabilities | 211,206 | 208,672 | ||||||
Capital lease obligation | 70,498 | 70,129 | ||||||
Dividends and distributions payable | 23,350 | 36,625 | ||||||
Distributions in excess of income from, and investments in, unconsolidated affiliates | 15,262 | 13,691 | ||||||
Total liabilities | 1,923,163 | 1,817,835 | ||||||
Commitments and contingencies | ||||||||
EQUITY | ||||||||
Acadia Shareholders' Equity | ||||||||
Common shares, $0.001 par value, authorized 200,000,000 and 100,000,000 shares, issued and outstanding 83,680,337 and 83,597,741 shares, respectively | 84 | 84 | ||||||
Additional paid-in capital | 1,594,332 | 1,594,926 | ||||||
Accumulated other comprehensive loss | (553 | ) | (798 | ) | ||||
Distributions in excess of accumulated earnings | (30,325 | ) | (5,635 | ) | ||||
Total Acadia shareholders’ equity | 1,563,538 | 1,588,577 | ||||||
Noncontrolling interests | 606,256 | 589,548 | ||||||
Total equity | 2,169,794 | 2,178,125 | ||||||
Total liabilities and equity | $ | 4,092,957 | $ | 3,995,960 |
(a) | For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com. |
(b) | Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
(c) | The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures. |
(d) | In addition to the weighted-average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted-average 4,737 thousand and 4,343 thousand OP Units into Common Shares for the quarters ended September 30, 2017 and 2016 and 4,749 thousand and 4,422 thousand OP Units into Common Shares for the nine months ended September 30, 2017 and 2016, respectively. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 512 thousand and 25 thousand Common Shares for the quarters ended September 30, 2017 and 2016 and 507 thousand and 428 thousand Common Shares for the nine months ended September 30, 2017 and 2016, respectively; and (ii) the effect of 51 thousand and 346 thousand employee share options, restricted share units and LTIP units for the quarters ended September 30, 2017 and 2016 and 77 thousand and 239 thousand for the nine months ended September 30, 2017 and 2016, respectively. |
(e) | The Pro-rata portion share of NOI is based upon our stated ownership percentages in each operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds |
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