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Last10K.com | 10-Q Quarterly Report Fri Apr 30 2021
Sunny Holcomb
(914) 288-8100
ACADIA REALTY TRUST REPORTS FIRST QUARTER 2021 OPERATING RESULTS
RYE, NY (April 28, 2021) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended March 31, 2021. All per share amounts are on a fully-diluted basis, where applicable.
Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.
Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income (loss), funds from operations ("FFO") as per NAREIT and before Special Items (discussed below), and net property operating income ("NOI") that were each impacted due to the COVID-19 Pandemic.
First Quarter and Recent Highlights
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Core Portfolio Leasing: |
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Core leasing pipeline increased to over $10.0 million, with approximately $5.0 million executed to date |
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Over 50% of leasing pipeline within its Street/Urban portfolio, including key leases in Chicago, San Francisco and New York Metro |
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GAAP and cash leasing spreads of 23.7% and 1.1%, respectively, on comparable new and renewal leases executed |
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89.5% occupied and 91.0% leased as of March 31, 2021 compared to 89.9% occupied and 90.9% leased as of December 31, 2020 |
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Fund V Update: |
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Approximately $100.0 million of new Fund V investments under contract and/or agreements in principle |
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Extended the investment period to August 2022 with 40% of remaining capital commitments available to invest (approximately $600.0 million on a leveraged basis, including the $100.0 million of identified investments, above) |
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Balance Sheet: |
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Accumulated approximately $40.0 million of cash, which was utilized to pay down debt during the first quarter (representing approximately 5% of Core indebtedness) |
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Reinstated its quarterly dividend at $0.15 per common share |
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No additional shares have been issued year to date |
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Earnings and Operating Results: |
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GAAP earnings per share of $0.06, NAREIT FFO per share of $0.26 and FFO before Special Items per share of $0.25 |
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Raising 2021 guidance to $1.00 to $1.14 (from $0.98 to $1.14) to reflect its improved outlook on leasing and credit reserves |
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Decrease in same-property NOI of 14.5% for the first quarter 2021 as compared to first quarter 2020 (pre-pandemic) primarily due to elevated credit reserves |
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The following information was filed by Acadia Realty Trust (AKR) on Friday, April 30, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Acadia Realty Trust's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Acadia Realty Trust.
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Acadia Realty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Other - Other Highlight
The Company also has ownership interests in 56 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III"), Acadia Strategic Opportunity Fund IV LLC ("Fund IV"), and Acadia Strategic Opportunity Fund V LLC ("Fund V" and, collectively with Fund II, Fund III and Fund IV, the "Funds").
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Other - Other Highlight
During the three months ended March 31, 2021, the Company: placed a portion of one Core project, City Center, into service placed the remainder of one Fund project, Paramus, into service 15 During the year ended December 31, 2020, the Company: placed a portion of one Fund III property, Cortlandt Crossing, into service converted, in a non-cash transaction, a note receivable in exchange for construction improvements in the amount of $33.8 million (Note 3) recognized impairment charges totaling $16.5 million on two Fund IV properties (Note 8) including 717 N. Michigan Avenue and 110 University Place placed a portion of one Fund IV property, 146 Geary Street, into service, which was also impaired (Note 8) placed a portion of Fund II's City Point Phase II into development suspended certain development projects due to aforementioned disruptions related to the COVID-19 Pandemic.
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Financial - Debt Highlight
During the three months ended March 31, 2021, we (Note 7): extended two Fund V mortgages and one Fund IV mortgage aggregating $60.8 million of consolidated Fund debt modified and extended the Fund IV bridge facility resulting in, among other changes, a six-month extension and a $10.0 million repayment; and made repayments of mortgages underlying property dispositions as noted above.
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M & A - Other Highlight
The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2021 is as follows (in thousands): 22 A summary of the Company's consolidated indebtedness is as follows (dollars in thousands): (a) At March 31, 2021, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.00% for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit.
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Financial - Expense Highlight
Depreciation and amortization for the Funds decreased $1.8 million for the three months ended March 31, 2021 compared to the prior year period primarily due to the write off of costs associated with tenants that vacated during 2020.
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Other - Other
Of these bankruptcies, the Core...Read more
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Other - Other
During the three months ended...Read more
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Financial - Shares
Employee Share Purchase Plan The...Read more
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Financial - Shares
During 2018, the Company's board...Read more
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M & A - Other
20 Other assets, net and...Read more
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Financial - Cash Flow
The following table compares the...Read more
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Revenue - Product
Revenues for our Core Portfolio...Read more
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Other - Other
During the year ended December...Read more
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Other - Other
As a result of the...Read more
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Revenue - Product
At March 31, 2021, one...Read more
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Other - Other
Impairment charges may be required...Read more
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Financial - Expense
Property operating expenses, other operating...Read more
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Financial - Shares
Equity in earnings of unconsolidated...Read more
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Financial - Expense
In October 2020, the FASB...Read more
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M & A - Other
21 Intangible assets and liabilities...Read more
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Other - Other
In 2009, the Company adopted...Read more
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Other - Other
Under governmental restrictions and guidance,...Read more
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Financial - Shares
The following table summarizes the...Read more
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Financial - Income
Interest income for the Structured...Read more
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Financial - Expense
The Company continually monitors and...Read more
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Other - Other
The following table presents the...Read more
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Financial - Shares
Following these transactions, Mervyns II...Read more
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Other - Other
The number of properties in...Read more
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Financial - Expense
Interest expense for our Core...Read more
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Financial - Shares
These awards were measured at...Read more
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Other - Other
million, inclusive of accrued interest...Read more
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Financial - Income
A summary of our wholly-owned...Read more
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Other - Other
This ASU is effective for...Read more
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Other - Other
These changes will be effective...Read more
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This ASU is effective for...Read more
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This ASU is effective for...Read more
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Financial - Expense
Amortization of in-place lease intangible...Read more
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Financial - Expense
Compensation expense will be recognized...Read more
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Other - Other
24 Unsecured notes payable for...Read more
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Other - Other
This ASU is effective for...Read more
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Revenue - Product
Revenues for the Funds decreased...Read more
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Financial - Shares
On March 23, 2021, the...Read more
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Financial - Cash Flow
In addition, certain prior year...Read more
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Other - Other
The Company consolidates the Funds...Read more
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Financial - Expense
(a) The average cost per...Read more
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Other - Other
Principles of Consolidation The interim...Read more
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Financial - Cash Flow
This election is available for...Read more
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Financial - Debt
On October 30, 2020, the...Read more
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Revenue - Geography
The amendments in this Update...Read more
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Other - Other
Town Center On April 1,...Read more
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Other - Other
The Company has an effective...Read more
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Financial - Debt
The Company manages economic risks,...Read more
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Other - Other
One Core Portfolio note aggregating...Read more
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Other - Other
The lease intangibles are amortized...Read more
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Other - Other
During the three months ended...Read more
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Other - Other
During the three months ended...Read more
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Revenue - Product
Gain on disposition of properties...Read more
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M & A - Other
Our primary business objective is...Read more
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Other - Other
A plan participant may contribute...Read more
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Financial - Expense
Finance lease cost comprises amortization...Read more
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Other - Other
Rent Collections - The Company...Read more
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Other - Other
Also consistent with NAREIT's definition...Read more
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Financial - Shares
Equity in (losses) earnings of...Read more
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Financial - Debt
A summary of our consolidated...Read more
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Other - Other
The Company's derivative financial instruments...Read more
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The Company has an at-the-market...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debt
Debt (Tables)
Debt - Credit Facility - Additional Information (Details)
Debt - Mortgages And Other Notes Payable - Additional Information (Details)
Debt - Scheduled Principal Repayments (Details)
Debt - Scheduled Principal Repayments - Additional Information (Details)
Debt - Summary Of Consolidated Indebtedness (Details)
Debt - Summary Of Consolidated Indebtedness (Parenthetical) (Details)
Debt - Unsecured Notes Payable - Additional Information (Details)
Debt - Unsecured Revolving Lines Of Credit - Additional Information (Details)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Tables)
Earnings (Loss) Per Common Share - Additional Information (Details)
Earnings (Loss) Per Common Share - Schedule Of Earnings (Loss) Per Share, Basic And Diluted (Details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements - Additional Information (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Derivative Financial Instruments (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Items Measured At Fair Value On Nonrecurring Basis (Details)
Financial Instruments And Fair Value Measurements - Schedule Of Other Financial Instruments Carrying Values And Fair Values (Details)
Investments In And Advances To Unconsolidated Affiliates
Investments In And Advances To Unconsolidated Affiliates (Tables)
Investments In And Advances To Unconsolidated Affiliates - Core Portfolio - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Fund Investments - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Mervyns I &Amp; Ii - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Schedule Of Investments (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Balance Sheet (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Income Statement (Details)
Investments In And Advances To Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule Of Condensed Income Statement (Parenthetical) (Details)
Lease Intangibles
Lease Intangibles (Tables)
Lease Intangibles - Additional Information (Details)
Lease Intangibles - Schedule Of Intangible Assets And Liabilities Included In Other Assets And Accounts Payable And Other Liabilities (Details)
Lease Intangibles - Scheduled Amortization Of Acquired Lease Intangible Assets And Assumed Liabilities (Details)
Leases
Leases (Tables)
Leases - Activity For Reserves Related To Billed Rents And Straight-Line Rents (Details)
Leases - Additional Information (Details)
Leases - Schedule Of Earnings Impact (Details)
Leases - Schedule Of Future Minimum Rental Revenues And Payments For Operating And Capital Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Notes Receivable, Net
Notes Receivable, Net (Tables)
Notes Receivable, Net - Additional Information (Details)
Notes Receivable, Net - Schedule Of Notes Receivable (Details)
Notes Receivable, Net - Schedule Of Notes Receivable (Parenthetical) (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Operating Partnership's Equity Interest (Details)
Other Assets, Net And Accounts Payable And Other Liabilities
Other Assets, Net And Accounts Payable And Other Liabilities (Tables)
Other Assets, Net And Accounts Payable And Other Liabilities - Schedule Of Other Assets And Other Liabilities (Details)
Real Estate
Real Estate (Tables)
Real Estate - Acquisitions And Conversions - Additional Information (Details)
Real Estate - Real Estate Under Development And Construction In Progress - Additional Information (Details)
Real Estate - Schedule Of Acquisitions And Conversions (Details)
Real Estate - Schedule Of Development In Process Activities (Details)
Real Estate - Schedule Of Development In Process Activities (Parenthetical) (Details)
Real Estate - Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet And Additional Disclosures (Details)
Real Estate - Schedule Of Property Dispositions (Details)
Real Estate - Schedule Of Purchase Price Allocations (Details)
Real Estate - Schedule Of Real Estate (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Details)
Segment Reporting - Summary Of Segment Information (Details)
Segment Reporting - Summary Of Segment Information (Parenthetical) (Details)
Share Incentive And Other Compensation
Share Incentive And Other Compensation (Tables)
Share Incentive And Other Compensation - Additional Information (Details)
Share Incentive And Other Compensation - Employee 401 (K) Plan - Additional Information (Details)
Share Incentive And Other Compensation - Employee Share Purchase Plan And Deferred Share Plan - Additional Information (Details)
Share Incentive And Other Compensation - Schedule Of Unvested Shares And Ltip Units (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss (Tables)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Atm Program - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Common Shares And Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Dividends And Distributions - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Preferred Op Units - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Schedule Of Distributions Declared And Paid (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Share Repurchases - Additional Information (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Activity In Accumulated Other Comprehensive Loss (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Details)
Shareholders' Equity, Noncontrolling Interests And Other Comprehensive Loss - Summary Of Change In Noncontrolling Interest (Parenthetical) (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Material Contracts, Statements, Certifications & more
Acadia Realty Trust provided additional information to their SEC Filing as exhibits
Ticker: AKR
CIK: 899629
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-022131
Submitted to the SEC: Thu Apr 29 2021 7:18:03 PM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts
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