Company Quick10K Filing
Acadia Realty Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 84 $2,284
10-Q 2019-10-25 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-19 Annual: 2018-12-31
10-Q 2018-10-29 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-19 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-02 Quarter: 2014-03-31
10-K 2014-02-26 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-05 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-10-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-30 Earnings, Exhibits
8-K 2019-05-31 Other Events, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2018-12-31 Earnings, Exhibits
8-K 2018-12-28 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-08-28 Other Events, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-02-20 Enter Agreement, Earnings, Off-BS Arrangement, Other Events, Exhibits
AKR 2019-09-30
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 akr-ex311_7.htm
EX-31.2 akr-ex312_6.htm
EX-32.1 akr-ex321_10.htm
EX-32.2 akr-ex322_9.htm

Acadia Realty Trust Earnings 2019-09-30

AKR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RPAI 2,432 3,653 1,938 238 0 69 316 4,046 0% 12.8 2%
CXP 2,412 4,045 1,302 297 0 63 218 2,400 0% 11.0 2%
CLNY 2,407 22,659 12,113 2,515 0 -856 288 10,650 0% 37.0 -4%
CTRE 2,345 1,532 573 166 163 66 142 2,887 98% 20.4 4%
CLI 2,307 5,328 2,955 530 493 309 592 4,934 93% 8.3 6%
AKR 2,284 4,210 2,110 281 0 -12 110 3,934 0% 35.7 -0%
ROIC 2,132 2,969 1,694 298 0 50 212 2,122 0% 10.0 2%
RWT 2,125 13,852 12,288 0 0 126 504 4,446 8.8 1%
IVR 2,114 22,038 19,368 0 0 -57 378 20,684 54.8 -0%
DRH 2,104 3,295 1,470 905 0 94 231 3,091 0% 13.4 3%

akr-10q_20190930.htm
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number 1-12002

 

ACADIA REALTY TRUST

(Exact name of registrant in its charter)

 

 

 

 

 

 

Maryland

 (State or other jurisdiction of

 incorporation or organization)

 

23-2715194

 (I.R.S. Employer

 Identification No.)

 

 

 

411 THEODORE FREMD AVENUE, SUITE 300, RYE, NY

 (Address of principal executive offices)

10580

 (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

Title of class of registered securities

Trading symbol

Name of exchange on which registered

Common shares of beneficial interest, par value $0.001 per share

AKR

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 

 

 

YES

 

NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

 

 

 

YES

 

NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer 

  Accelerated Filer

  Emerging Growth Company  

 

 

 

 

 

 

Non-accelerated Filer 

  Smaller Reporting Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes  No

As of October 21, 2019 there were 86,948,888 common shares of beneficial interest, par value $0.001 per share (“Common Shares”), outstanding.

 

 


ACADIA REALTY TRUST AND SUBSIDIARIES

FORM 10-Q

INDEX

 

 

 

 

 

 

 

 

 

Item No.

 

Description

 

Page

 

 

PART I - FINANCIAL INFORMATION

 

 

1.

 

Financial Statements

 

4

 

 

Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018

 

4

 

 

Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018

 

5

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30,
2019 and 2018

 

6

 

 

Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and 2018

 

9

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

11

 

 

 

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

45

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

58

4.

 

Controls and Procedures

 

61

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

61

1A.

 

Risk Factors

 

61

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

61

3.

 

Defaults Upon Senior Securities

 

61

4.

 

Mine Safety Disclosures

 

61

5.

 

Other Information

 

61

6.

 

Exhibits

 

62

 

 

Signatures

 

63

 

2


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q (the “Report”) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and as such may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to those set forth under the headings “Item 1A. Risk Factors” and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.

SPECIAL NOTE REGARDING CERTAIN REFERENCES

All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant referenced in Part I, Item 1. Financial Statements.

3


 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

(dollars in thousands, except per share amounts)

 

2019

 

 

2018

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

Operating real estate, net

 

$

3,288,377

 

 

$

3,160,851

 

Real estate under development

 

 

250,278

 

 

 

120,297

 

Net investments in real estate

 

 

3,538,655

 

 

 

3,281,148

 

Notes receivable, net

 

 

94,807

 

 

 

109,613

 

Investments in and advances to unconsolidated affiliates

 

 

372,478

 

 

 

262,410

 

Other assets, net

 

 

200,588

 

 

 

208,570

 

Cash and cash equivalents

 

 

48,140

 

 

 

21,268

 

Restricted cash

 

 

12,867

 

 

 

13,580

 

Rents receivable

 

 

59,071

 

 

 

62,191

 

Assets of properties held for sale

 

 

2,939

 

 

 

 

Total assets

 

$

4,329,545

 

 

$

3,958,780

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,029,678

 

 

$

1,017,288

 

Unsecured notes payable, net

 

 

625,677

 

 

 

533,257

 

Accounts payable and other liabilities

 

 

403,297

 

 

 

286,072

 

Dividends and distributions payable

 

 

26,017

 

 

 

24,593

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

15,353

 

 

 

15,623

 

Total liabilities

 

 

2,100,022

 

 

 

1,876,833

 

Commitments and contingencies

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,644,196 and 81,557,472 shares, respectively

 

 

87

 

 

 

82

 

Additional paid-in capital

 

 

1,692,659

 

 

 

1,548,603

 

Accumulated other comprehensive (loss) income

 

 

(44,138

)

 

 

516

 

Distributions in excess of accumulated earnings

 

 

(129,026

)

 

 

(89,696

)

Total Acadia shareholders’ equity

 

 

1,519,582

 

 

 

1,459,505

 

Noncontrolling interests

 

 

709,941

 

 

 

622,442

 

Total equity

 

 

2,229,523

 

 

 

2,081,947

 

Total liabilities and equity

 

$

4,329,545

 

 

$

3,958,780

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

4


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands except per share amounts)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

72,191

 

 

$

51,003

 

 

$

214,490

 

 

$

150,838

 

Expense reimbursements

 

 

 

 

 

13,194

 

 

 

 

 

 

35,000

 

Other

 

 

1,136

 

 

 

1,330

 

 

 

3,053

 

 

 

4,116

 

Total revenues

 

 

73,327

 

 

 

65,527

 

 

 

217,543

 

 

 

189,954

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

32,170

 

 

 

28,676

 

 

 

92,807

 

 

 

86,755

 

General and administrative

 

 

8,222

 

 

 

7,982

 

 

 

25,579

 

 

 

24,359

 

Real estate taxes

 

 

10,225

 

 

 

11,538

 

 

 

29,680

 

 

 

27,528

 

Property operating

 

 

13,180

 

 

 

10,113

 

 

 

37,267

 

 

 

30,709

 

Impairment charge

 

 

321

 

 

 

 

 

 

1,721

 

 

 

 

Other operating

 

 

 

 

 

270

 

 

 

 

 

 

655

 

Total operating expenses

 

 

64,118

 

 

 

58,579

 

 

 

187,054

 

 

 

170,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

12,056

 

 

 

5,107

 

 

 

14,070

 

 

 

5,140

 

Operating income

 

 

21,265

 

 

 

12,055

 

 

 

44,559

 

 

 

25,088

 

Equity in earnings of unconsolidated affiliates