Company Quick10K Filing
Acadia Realty Trust
Price27.05 EPS-0
Shares87 P/E-17,755
MCap2,344 P/FCF25
Net Debt1,603 EBIT2
TEV3,947 TEV/EBIT2,393
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-03-31
8-K 2020-02-12
8-K 2019-10-23
8-K 2019-10-08
8-K 2019-06-30
8-K 2019-05-31
8-K 2019-05-09
8-K 2019-04-24
8-K 2018-12-31
8-K 2018-12-28
8-K 2018-10-24
8-K 2018-08-28
8-K 2018-07-24
8-K 2018-05-10
8-K 2018-05-01
8-K 2018-02-20

AKR 10Q Quarterly Report

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-10.1 akr-ex101_243.htm
EX-10.2 akr-ex102_244.htm
EX-31.1 akr-ex311_9.htm
EX-31.2 akr-ex312_6.htm
EX-32.1 akr-ex321_8.htm
EX-32.2 akr-ex322_7.htm

Acadia Realty Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
4.43.52.61.80.90.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12016201720182020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

akr-10q_20200331.htm
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us-gaap:SubsequentEventMember us-gaap:RevolvingCreditFacilityMember 2020-05-04

 

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 March 31, 2020

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 001-12002

 

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 April 30, 2020 there were 86,089,836 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 March 31, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2020 and 2019

 

5

 

 

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) for the Three Months Ended March 31,
2020 and 2019

 

6

 

 

Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2020 and 2019

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2020 and 2019

 

8

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

2.

 

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

 

43

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

55

4.

 

Controls and Procedures

 

57

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

57

1A.

 

Risk Factors

 

57

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

3.

 

Defaults Upon Senior Securities

 

59

4.

 

Mine Safety Disclosures

 

59

5.

 

Other Information

 

59

6.

 

Exhibits

 

59

 

 

Signatures

 

60

 

2


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q (this “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”). 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) economic, political and social uncertainty surrounding the COVID-19 pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, including the Company’s tenants, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, (e) the potential adverse impact on returns from development and redevelopment projects, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants (in particular its major tenants) and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iv) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (v) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (vi) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of the London Interbank Offered Rate after 2021; (vii) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (viii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (ix) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (x) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) uninsured losses; (xiv) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 pandemic; and (xvi) the loss of key executives.

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and other periodic or current reports the Company files with the SEC, including 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. Any forward-looking statements speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.

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

 

 

 

March 31,

 

 

December 31,

 

(dollars in thousands, except per share amounts)

 

2020

 

 

2019

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

Operating real estate, net

 

$

3,331,043

 

 

$

3,355,913

 

Real estate under development

 

 

237,831

 

 

 

253,402

 

Net investments in real estate

 

 

3,568,874

 

 

 

3,609,315

 

Notes receivable, net

 

 

173,159

 

 

 

114,943

 

Investments in and advances to unconsolidated affiliates

 

 

294,195

 

 

 

305,097

 

Other assets, net

 

 

179,043

 

 

 

190,658

 

Cash and cash equivalents

 

 

23,404

 

 

 

15,845

 

Restricted cash

 

 

14,212

 

 

 

14,165

 

Rents receivable

 

 

52,251

 

 

 

59,091

 

Total assets

 

$

4,305,138

 

 

$

4,309,114

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,170,622

 

 

$

1,170,076

 

Unsecured notes payable, net

 

 

480,658

 

 

 

477,320

 

Unsecured line of credit

 

 

174,700

 

 

 

60,800

 

Accounts payable and other liabilities

 

 

425,330

 

 

 

371,516

 

Dividends and distributions payable

 

 

26,811

 

 

 

27,075

 

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

 

 

15,457

 

 

 

15,362

 

Total liabilities

 

 

2,293,578

 

 

 

2,122,149

 

Commitments and contingencies

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 85,989,836 and 87,050,465 shares, respectively

 

 

86

 

 

 

87

 

Additional paid-in capital

 

 

1,686,794

 

 

 

1,706,357

 

Accumulated other comprehensive loss

 

 

(85,715

)

 

 

(31,175

)

Distributions in excess of accumulated earnings

 

 

(166,701

)

 

 

(132,961

)

Total Acadia shareholders’ equity

 

 

1,434,464

 

 

 

1,542,308

 

Noncontrolling interests

 

 

577,096

 

 

 

644,657

 

Total equity

 

 

2,011,560

 

 

 

2,186,965

 

Total liabilities and equity

 

$

4,305,138

 

 

$

4,309,114

 

 

 

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

4


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended March 31,

 

(in thousands except per share amounts)

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Rental income

 

$

70,457

 

 

$

73,188

 

Other

 

 

963

 

 

 

797

 

Total revenues

 

 

71,420

 

 

 

73,985

 

Operating expenses

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

33,377

 

 

 

30,333

 

General and administrative

 

 

9,070

 

 

 

8,323

 

Real estate taxes

 

 

10,447

 

 

 

9,603

 

Property operating

 

 

13,320

 

 

 

11,532

 

Impairment charges

 

 

51,549

 

 

 

 

Total operating expenses

 

 

117,763

 

 

 

59,791

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

 

 

 

2,014

 

Operating (loss) income

 

 

(46,343

)

 

 

16,208

 

Equity in earnings of unconsolidated affiliates

 

 

1,255

 

 

 

2,271

 

Interest income

 

 

2,929

 

 

 

2,270

 

Other expense

 

 

(530

)

 

 

 

Interest expense

 

 

(18,302

)

 

 

(17,859

)

(Loss) income from continuing operations before income taxes

 

 

(60,991

)

 

 

2,890

 

Income tax benefit

 

 

952

 

 

 

46

 

Net (loss) income

 

 

(60,039

)

 

 

2,936

 

Net loss attributable to noncontrolling interests

 

 

51,625

 

 

 

9,261

 

Net (loss) income attributable to Acadia

 

$

(8,414

)

 

$

12,197

 

 

 

 

 

 

 

 

 

 

Basic and diluted (loss) earnings per share

 

$

(0.10

)

 

$

0.15

 

 

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

5


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2020

 

 

2019

 

Net (loss) income

 

$

(60,039

)

 

$

2,936

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Unrealized loss on valuation of swap agreements