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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, 2021

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 October 22, 2021 there were 88,453,569 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, 2021 (Unaudited) and December 31, 2020

 

4

 

 

Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2021 and 2020

 

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

 

59

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

60

1A.

 

Risk Factors

 

60

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

60

3.

 

Defaults Upon Senior Securities

 

60

4.

 

Mine Safety Disclosures

 

60

5.

 

Other Information

 

60

6.

 

Exhibits

 

61

 

 

Signatures

 

62

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q (this “Report”) of Acadia Realty Trust, a Maryland real estate investment trust (the “Company”), 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 the use of words such as “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) the economic, political and social impact of, and uncertainty surrounding the COVID-19 pandemic (the “COVID-19 Pandemic”), including (a) its impact on our tenants and their ability to make rent and other payments or honor their commitments under existing leases; (b) the rate and efficacy of COVID-19 vaccines;; (c) temporary or permanent migration out of major cities by customers, including cities where the Company’s properties are located, which may have a negative impact on the Company’s tenant’s businesses; (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, and (e) 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, (f) 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, and (g) the potential adverse impact on returns from development and redevelopment projects; (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 real estate investment trust (“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, 2020 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

 

 

 

September 30,

 

 

December 31,

 

(dollars in thousands, except per share amounts)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

Operating real estate, net

 

$

3,268,573

 

 

$

3,260,139

 

Real estate under development

 

 

219,037

 

 

 

247,349

 

Net investments in real estate

 

 

3,487,610

 

 

 

3,507,488

 

Notes receivable, net

 

 

158,468

 

 

 

101,450

 

Investments in and advances to unconsolidated affiliates

 

 

305,668

 

 

 

249,807

 

Other assets, net

 

 

174,750

 

 

 

173,809

 

Right-of-use assets - operating leases, net

 

 

41,577

 

 

 

76,268

 

Cash and cash equivalents

 

 

17,359

 

 

 

19,232

 

Restricted cash

 

 

14,827

 

 

 

14,692

 

Rents receivable, net

 

 

44,386

 

 

 

44,136

 

Total assets

 

$

4,244,645

 

 

$

4,186,882

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,181,028

 

 

$

1,204,581

 

Unsecured notes payable, net

 

 

503,966

 

 

 

420,858

 

Unsecured line of credit

 

 

102,905

 

 

 

138,400

 

Accounts payable and other liabilities

 

 

245,697

 

 

 

269,911

 

Lease liability - operating leases, net

 

 

39,743

 

 

 

88,816

 

Dividends and distributions payable

 

 

14,339

 

 

 

147

 

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

 

 

15,456

 

 

 

15,616

 

Total liabilities

 

 

2,103,134

 

 

 

2,138,329

 

Commitments and contingencies

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 88,451,668 and 86,268,303 shares, respectively

 

 

88

 

 

 

86

 

Additional paid-in capital

 

 

1,733,448

 

 

 

1,683,165

 

Accumulated other comprehensive loss

 

 

(43,169

)

 

 

(74,891

)

Distributions in excess of accumulated earnings

 

 

(185,373

)

 

 

(167,046

)

Total Acadia shareholders’ equity

 

 

1,504,994

 

 

 

1,441,314

 

Noncontrolling interests

 

 

636,517

 

 

 

607,239

 

Total equity

 

 

2,141,511

 

 

 

2,048,553

 

Total liabilities and equity

 

$

4,244,645

 

 

$

4,186,882

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

71,852

 

 

$

50,300

 

 

$

212,723

 

 

$

183,396

 

Other

 

 

1,594

 

 

 

981

 

 

 

4,777

 

 

 

3,078

 

Total revenues

 

 

73,446

 

 

 

51,281

 

 

 

217,500

 

 

 

186,474

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,866

 

 

 

34,457

 

 

 

93,601

 

 

 

101,627

 

General and administrative

 

 

9,978

 

 

 

8,625

 

 

 

29,645

 

 

 

26,415

 

Real estate taxes

 

 

11,320

 

 

 

10,689

 

 

 

35,286

 

 

 

31,833

 

Property operating

 

 

12,698

 

 

 

11,559

 

 

 

39,065

 

 

 

41,685

 

Impairment charges

 

 

9,925

 

 

 

 

 

 

9,925

 

 

 

51,549

 

Total operating expenses

 

 

74,787

 

 

 

65,330

 

 

 

207,522

 

 

 

253,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

 

 

 

24

 

 

 

10,521

 

 

 

509

 

Operating (loss) income

 

 

(1,341

)

 

 

(14,025

)

 

 

20,499

 

 

 

(66,126

)

Equity in earnings (losses) of unconsolidated affiliates

 

 

644

 

 

 

(624

)

 

 

4,013

 

 

 

(155

)

Interest and other income

 

 

2,354

 

 

 

2,132

 

 

 

6,108

 

 

 

7,156

 

Realized and unrealized holding gains (losses) on investments and other

 

 

47,293

 

 

 

(7,946

)

 

 

56,511

 

 

 

79,335

 

Interest expense

 

 

(17,334

)

 

 

(17,752

)

 

 

(52,080

)

 

 

(54,373

)

Income (loss) from continuing operations before income taxes

 

 

31,616

 

 

 

(38,215

)

 

 

35,051

 

 

 

(34,163

)

Income tax (provision) benefit

 

 

(59

)

 

 

(74

)

 

 

(403

)

 

 

741

 

Net income (loss)

 

 

31,557

 

 

 

(38,289

)

 

 

34,648

 

 

 

(33,422

)

Net (income) loss attributable to noncontrolling interests

 

 

(19,488

)

 

 

29,259

 

 

 

(13,499

)

 

 

35,388

 

Net income (loss) attributable to Acadia

 

$

12,069

 

 

$

(9,030

)

 

$

21,149

 

 

$

1,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.13

 

 

$

(0.10

)

 

$

0.24

 

 

$

0.02

 

 

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

5


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

31,557

 

 

$

(38,289

)

 

$

34,648

 

 

$

(33,422

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on valuation of swap agreements

 

 

1,045

 

 

 

952

 

 

 

24,528

 

 

 

(82,444

)

Reclassification of realized interest on swap agreements

 

 

5,528

 

 

 

5,506

 

 

 

16,169

 

 

 

9,598

 

Other comprehensive income (loss)

 

 

6,573

 

 

 

6,458

 

 

 

40,697

 

 

 

(72,846

)

Comprehensive income (loss)

 

 

38,130

 

 

 

(31,831

)

 

 

75,345

 

 

 

(106,268

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(21,321

)

 

 

27,137

 

 

 

(22,474

)

 

 

53,536

 

Comprehensive income (loss) attributable to Acadia

 

$

16,809

 

 

$

(4,694

)

 

$

52,871

 

 

$

(52,732

)

 

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

6


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended September 30, 2021 and 2020

 

 

 

Acadia Shareholders

 

 

 

 

 

 

 

(in thousands, except per share amounts)

 

Common
Shares

 

 

Share
Amount

 

 

Additional
Paid-in
Capital

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Distributions
in Excess of
Accumulated
Earnings

 

 

Total
Common
Shareholders’
Equity

 

 

Noncontrolling
Interests

 

 

Total
Equity

 

Balance at July 1, 2021

 

 

88,419

 

 

$

88

 

 

$

1,730,686

 

 

$

(47,909

)

 

$

(184,174

)

 

$

1,498,691

 

 

$

617,659

 

 

$

2,116,350

 

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

 

 

18

 

 

 

 

 

 

288

 

 

 

 

 

 

 

 

 

288

 

 

 

(288

)

 

 

 

Cancellation of OP Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(479

)

 

 

(479

)

Issuance of Common Shares

 

 

13

 

 

 

 

 

 

189