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• | Earnings: Generated earnings per share of $0.09 for the first quarter; FFO per share was $0.33 for the first quarter |
• | Core Portfolio Operating Results: Solid Core operating fundamentals |
◦ | To date, achieved 60% of our 2018 leasing goals based on NOI, representing approximately $5 million of annualized NOI |
◦ | Rent growth of 15.3% on new and renewal leases for the quarter on a cash basis |
◦ | Reported 95.3% leased occupancy as of March 31, 2018 |
◦ | As projected, same-property net operating income decreased 1.0% for the first quarter (excluding redevelopment), driven by the previously-reported recapture of occupancy during 2017 which impacted period-over-period comparability |
• | Core Structured Finance Investments: As projected, the Company received repayment of a $26 million Core note receivable in the first quarter of 2018 |
• | Fund Transactional Activity: Fund V acquired a high-yield investment during the first quarter for $45 million; Fund IV completed $8 million of dispositions during the first quarter |
• | Balance Sheet: As a result of successful capital recycling efforts, the Company repurchased $32 million through March 31, 2018, pursuant to its new share repurchase program on a leverage-neutral basis; As previously reported, the Company extended the maturity of its corporate unsecured facility resulting in reduced borrowing costs and improved flexibility |
• | Guidance: Following its strong leasing efforts and its portfolio performance to date, the Company reaffirms its 2018 guidance of FFO per share of $1.33 to $1.45 and same-property net operating income growth of 1-3%, including 2-7% growth in the second half of the year |
• | 2018 annual growth of 1% to 3% in same-property NOI (excluding redevelopments): |
◦ | first half of 2018: (2%) to 0% |
◦ | second half of 2018: 2% to 7% |
• | The variability and range of estimates is primarily dependent upon the rent commencement dates of certain executed key leases |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Revenues | ||||||||
Rental income | $ | 50,779 | $ | 48,585 | ||||
Expense reimbursements | 11,208 | 12,316 | ||||||
Other | 1,137 | 1,098 | ||||||
Total revenues | 63,124 | 61,999 | ||||||
Operating expenses | ||||||||
Depreciation and amortization | 28,576 | 24,536 | ||||||
General and administrative | 8,470 | 8,469 | ||||||
Real estate taxes | 8,959 | 10,606 | ||||||
Property operating | 10,338 | 8,197 | ||||||
Other operating | 80 | 294 | ||||||
Total operating expenses | 56,423 | 52,102 | ||||||
Operating income | 6,701 | 9,897 | ||||||
Equity in earnings and gains of unconsolidated affiliates inclusive of gains on disposition of properties of $0 and $11,846 respectively | 1,684 | 12,703 | ||||||
Interest income | 3,737 | 8,984 | ||||||
Interest expense | (15,890 | ) | (11,488 | ) | ||||
(Loss) income from continuing operations before income taxes | (3,768 | ) | 20,096 | |||||
Income tax provision | (392 | ) | (125 | ) | ||||
Net (loss) income | (4,160 | ) | 19,971 | |||||
Net loss (income) attributable to noncontrolling interests | 11,579 | (4,340 | ) | |||||
Net income attributable to Acadia | $ | 7,419 | $ | 15,631 | ||||
Less: net income attributable to participating securities | (44 | ) | (162 | ) | ||||
Net income attributable to Common Shareholders - basic | $ | 7,375 | $ | 15,469 | ||||
Weighted average shares for diluted earnings per share | 83,438 | 83,645 | ||||||
Net Earnings per share - basic and diluted (b) | $ | 0.09 | $ | 0.18 |
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Net income attributable to Acadia | $ | 7,419 | $ | 15,631 | ||||
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) | 21,085 | 21,533 | ||||||
Gain on sale (net of noncontrolling interests’ share) | — | (2,742 | ) | |||||
Income attributable to Common OP Unit holders | 477 | 923 | ||||||
Distributions - Preferred OP Units | 135 | 139 | ||||||
Funds from operations attributable to Common Shareholders and Common OP Unit holders | $ | 29,116 | $ | 35,484 | ||||
Funds From Operations per Share - Diluted | ||||||||
Weighted average number of Common Shares and Common OP Units (d) | 89,067 | 89,024 | ||||||
Diluted Funds from operations, per Common Share and Common OP Unit | $ | 0.33 | $ | 0.40 | ||||
Three Months Ended March 31, | ||||||||
2018 | 2017 | |||||||
Consolidated operating income | $ | 6,701 | $ | 9,897 | ||||
Add back: | ||||||||
General and administrative | 8,470 | 8,469 | ||||||
Depreciation and amortization | 28,576 | 24,536 | ||||||
Less: | ||||||||
Above/below market rent, straight-line rent and other adjustments | (5,527 | ) | (5,987 | ) | ||||
Consolidated NOI | 38,220 | 36,915 | ||||||
Noncontrolling interest in consolidated NOI | (8,627 | ) | (6,539 | ) | ||||
Less: Operating Partnership's interest in Fund NOI included above | (2,157 | ) | (1,947 | ) | ||||
Add: Operating Partnership's share of unconsolidated joint ventures NOI (e) | 5,648 | 4,707 | ||||||
NOI - Core Portfolio | $ | 33,084 | $ | 33,136 | ||||
As of | ||||||||
March 31, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Investments in real estate, at cost | ||||||||
Land | $ | 667,847 | $ | 658,835 | ||||
Buildings and improvements | 2,581,553 | 2,538,338 | ||||||
Construction in progress | 21,060 | 18,642 | ||||||
Properties under capital lease | 76,965 | 76,965 | ||||||
3,347,425 | 3,292,780 | |||||||
Less: accumulated depreciation | (359,048 | ) | (339,862 | ) | ||||
Operating real estate, net | 2,988,377 | 2,952,918 | ||||||
Real estate under development | 182,380 | 173,702 | ||||||
Net investments in real estate | 3,170,757 | 3,126,620 | ||||||
Notes receivable, net | 108,959 | 153,829 | ||||||
Investments in and advances to unconsolidated affiliates | 311,540 | 302,070 | ||||||
Other assets, net | 216,514 | 214,959 | ||||||
Cash and cash equivalents | 39,344 | 74,823 | ||||||
Rents receivable, net | 53,983 | 51,738 | ||||||
Restricted cash | 12,517 | 10,846 | ||||||
Assets of properties held for sale | 25,362 | 25,362 | ||||||
Total assets | $ | 3,938,976 | $ | 3,960,247 | ||||
LIABILITIES | ||||||||
Mortgage and other notes payable, net | $ | 911,527 | $ | 909,174 | ||||
Unsecured notes payable, net | 529,756 | 473,735 | ||||||
Unsecured line of credit | 14,000 | 41,500 | ||||||
Accounts payable and other liabilities | 209,090 | 210,052 | ||||||
Capital lease obligation | 70,732 | 70,611 | ||||||
Dividends and distributions payable | 23,978 | 24,244 | ||||||
Distributions in excess of income from, and investments in, unconsolidated affiliates | 15,226 | 15,292 | ||||||
Total liabilities | 1,774,309 | 1,744,608 | ||||||
Commitments and contingencies | ||||||||
EQUITY | ||||||||
Acadia Shareholders' Equity | ||||||||
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 82,450,745 and 83,708,140 shares, respectively | 82 | 84 | ||||||
Additional paid-in capital | 1,564,067 | 1,596,514 | ||||||
Accumulated other comprehensive income | 7,376 | 2,614 | ||||||
Distributions in excess of accumulated earnings | (46,856 | ) | (32,013 | ) | ||||
Total Acadia shareholders’ equity | 1,524,669 | 1,567,199 | ||||||
Noncontrolling interests | 639,998 | 648,440 | ||||||
Total equity | 2,164,667 | 2,215,639 | ||||||
Total liabilities and equity | $ | 3,938,976 | $ | 3,960,247 |
(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 4,966 thousand and 4,756 thousand OP Units into Common Shares for the quarters ended March 31, 2018 and 2017, respectively. Diluted FFO also includes: (i) the assumed conversion of Preferred OP Units into 499 thousand and 496 thousand Common Shares for the quarters ended March 31, 2018 and 2017, respectively; and (ii) the effect of 168 thousand and 137 thousand employee share options, restricted share units and LTIP units for the quarters ended March 31, 2018 and 2017, 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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Ticker: AKREvents:
CIK: 899629
Form Type: 8-K Corporate News
Accession Number: 0000899629-18-000030
Submitted to the SEC: Thu May 03 2018 4:31:40 PM EST
Accepted by the SEC: Thu May 03 2018
Period: Tuesday, May 1, 2018
Industry: Real Estate Investment Trusts