Quick10K

Acadia Realty Trust

Price	27.05		EPS	-0
Shares	87		P/E	-17,755
MCap	2,344		P/FCF	25
Net Debt	1,603		EBIT	2
TEV	3,947		TEV/EBIT	2,393
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-07 Print
10-K	2019-12-31	Filed 2020-02-21 Print
10-Q	2019-09-30	Filed 2019-10-25 Print
10-Q	2019-06-30	Filed 2019-07-25 Print
10-Q	2019-03-31	Filed 2019-04-25 Print
10-K	2018-12-31	Filed 2019-02-19 Print
10-Q	2018-09-30	Filed 2018-10-29 Print
10-Q	2018-06-30	Filed 2018-07-27 Print
10-Q	2018-03-31	Filed 2018-05-03 Print
10-K	2017-12-31	Filed 2018-02-27 Print
10-Q	2017-09-30	Filed 2017-11-06 Print
10-Q	2017-06-30	Filed 2017-07-28 Print
10-Q	2017-03-31	Filed 2017-04-28 Print
10-K	2016-12-31	Filed 2017-02-24 Print
10-Q	2016-09-30	Filed 2016-10-28 Print
10-Q	2016-06-30	Filed 2016-07-27 Print
10-Q	2016-03-31	Filed 2016-04-29 Print
10-K	2015-12-31	Filed 2016-02-19 Print
10-Q	2015-09-30	Filed 2015-11-06 Print
10-Q	2015-06-30	Filed 2015-07-31 Print
10-Q	2015-03-31	Filed 2015-05-01 Print
10-K	2014-12-31	Filed 2015-02-20 Print
10-Q	2014-09-30	Filed 2014-11-05 Print
10-Q	2014-06-30	Filed 2014-08-01 Print
10-Q	2014-03-31	Filed 2014-05-02 Print
10-K	2013-12-31	Filed 2014-02-26 Print
10-Q	2013-09-30	Filed 2013-11-05 Print
10-Q	2013-06-30	Filed 2013-08-07 Print
10-Q	2013-03-31	Filed 2013-05-09 Print
10-Q	2012-09-30	Filed 2012-11-08 Print
10-Q	2012-06-30	Filed 2012-08-08 Print
10-Q	2012-03-31	Filed 2012-05-09 Print
10-K	2011-12-31	Filed 2012-02-28 Print
10-Q	2011-09-30	Filed 2011-11-02 Print
10-Q	2011-06-30	Filed 2011-08-05 Print
10-Q	2011-03-31	Filed 2011-05-05 Print
10-K	2010-12-31	Filed 2011-02-28 Print
10-Q	2010-09-30	Filed 2010-11-08 Print
10-Q	2010-06-30	Filed 2010-08-05 Print
10-Q	2010-03-31	Filed 2010-05-05 Print
10-K	2009-12-31	Filed 2010-03-01 Print

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

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Balance Sheet	Income Statement	Cash Flow
CopyHistoryView Assets, Equity	CopyHistoryView Rev, G Profit, Net Income	CopyHistoryView Ops, Inv, Fin

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

For the quarterly period ended March 31, 2020

or

For the transition period from                  to                 

Commission File Number 001-12002

 

ACADIA REALTY TRUST

(Exact name of registrant in its charter)

 

 

(914) 288-8100

(Registrant’s telephone number, including area code)

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.

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).

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.

 

 

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.

 

 

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ACADIA REALTY TRUST AND SUBSIDIARIES

FORM 10-Q

INDEX

 

 

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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.

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PART I – FINANCIAL INFORMATION

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

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

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ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

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

5

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ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME