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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 March 31, 2022

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 29, 2022 there were 94,885,148 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, 2022 (Unaudited) and December 31, 2021

 

4

 

 

Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2022 and 2021 (As Restated)

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2022 and 2021 (As Restated)

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2022 and 2021 (As Restated)

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2022 and 2021 (As Restated)

 

8

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

2.

 

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

 

41

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

52

4.

 

Controls and Procedures

 

53

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

55

1A.

 

Risk Factors

 

55

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

3.

 

Defaults Upon Senior Securities

 

55

4.

 

Mine Safety Disclosures

 

55

5.

 

Other Information

 

55

6.

 

Exhibits

 

56

 

 

Signatures

 

57

 

 


 

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 the 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 its impact on our tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iii) our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iv) changes in general economic conditions or economic conditions in the markets in which we may, from time to time, compete, and their effect on our revenues, earnings and funding sources; (v) increases in our borrowing costs as a result of changes in interest rates and other factors, including the discontinuation of USD LIBOR, which is currently anticipated to occur in 2023; (vi) our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due; (vii) our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners’ financial condition; (viii) our ability to obtain the financial results expected from our development and redevelopment projects; (ix) our tenants’ ability and willingness to renew their leases with us upon expiration, our ability to re-lease our properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations we may incur in connection with the replacement of an existing tenant; (x) our potential liability for environmental matters; (xi) damage to our properties from catastrophic weather and other natural events, and the physical effects of climate change; (xii) uninsured losses; (xiii) our ability and willingness to maintain our qualification as a real estate investment trust (REIT) in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; (xv) the loss of key executives; (xvi) the accuracy of our methodologies and estimates regarding environmental, social and governance (“ESG”) metrics, goals and targets, tenant willingness and ability to collaborate towards reporting ESG metrics and meeting ESG goals and targets, and the impact of governmental regulation on our ESG efforts; and (xvii) the risk that the determination to restate the Prior Period Financial Statements could negatively affect investor confidence and raise reputational issues.

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, 2021 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)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

Operating real estate, net

 

$

3,406,577

 

 

$

3,219,373

 

Real estate under development

 

 

192,115

 

 

 

203,773

 

Net investments in real estate

 

 

3,598,692

 

 

 

3,423,146

 

Notes receivable, net

 

 

153,161

 

 

 

153,886

 

Investments in and advances to unconsolidated affiliates

 

 

413,141

 

 

 

322,326

 

Other assets, net

 

 

198,767

 

 

 

186,509

 

Right-of-use assets - operating leases, net

 

 

39,885

 

 

 

40,743

 

Cash and cash equivalents

 

 

36,151

 

 

 

17,746

 

Restricted cash

 

 

11,875

 

 

 

9,813

 

Rents receivable, net

 

 

44,509

 

 

 

43,625

 

Assets of properties held for sale

 

 

 

 

 

63,952

 

Total assets

 

$

4,496,181

 

 

$

4,261,746

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,095,445

 

 

$

1,140,293

 

Unsecured notes payable, net

 

 

529,796

 

 

 

559,040

 

Unsecured line of credit

 

 

194,405

 

 

 

112,905

 

Accounts payable and other liabilities

 

 

202,526

 

 

 

236,415

 

Lease liability - operating leases, net

 

 

37,936

 

 

 

38,759

 

Dividends and distributions payable

 

 

18,320

 

 

 

14,460

 

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

 

 

9,547

 

 

 

9,939

 

Total liabilities

 

 

2,087,975

 

 

 

2,111,811

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,507,864 and 89,303,545 shares, respectively

 

 

95

 

 

 

89

 

Additional paid-in capital

 

 

1,864,060

 

 

 

1,754,383

 

Accumulated other comprehensive loss

 

 

(5,724

)

 

 

(36,214

)

Distributions in excess of accumulated earnings

 

 

(196,818

)

 

 

(196,645

)

Total Acadia shareholders’ equity

 

 

1,661,613

 

 

 

1,521,613

 

Noncontrolling interests

 

 

746,593

 

 

 

628,322

 

Total equity

 

 

2,408,206

 

 

 

2,149,935

 

Total liabilities and equity

 

$

4,496,181

 

 

$

4,261,746

 

 

 

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 March 31,

 

(in thousands except per share amounts)

 

2022

 

 

2021

 

Revenues

 

 

 

 

(As Restated)

 

Rental income

 

$

79,467

 

 

$

65,998

 

Other

 

 

2,040

 

 

 

2,189

 

Total revenues

 

 

81,507

 

 

 

68,187

 

Operating expenses

 

 

 

 

 

 

Depreciation and amortization

 

 

33,713

 

 

 

30,640

 

General and administrative

 

 

11,937

 

 

 

8,992

 

Real estate taxes

 

 

11,280

 

 

 

11,206

 

Property operating

 

 

13,350

 

 

 

13,209

 

Total operating expenses

 

 

70,280

 

 

 

64,047

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

28,815

 

 

 

4,612

 

Operating income

 

 

40,042

 

 

 

8,752

 

Equity in earnings of unconsolidated affiliates

 

 

3,130

 

 

 

1,882

 

Interest and other income

 

 

2,935

 

 

 

1,700

 

Realized and unrealized holding gains on investments and other

 

 

15,730

 

 

 

5,125

 

Interest expense

 

 

(17,925

)

 

 

(16,614

)

Income from continuing operations before income taxes

 

 

43,912

 

 

 

845

 

Income tax benefit (provision)

 

 

185

 

 

 

(148

)

Net income

 

 

44,097

 

 

 

697

 

Net (income) loss attributable to noncontrolling interests

 

 

(27,259

)

 

 

4,120

 

Net income attributable to Acadia

 

$

16,838

 

 

$

4,817

 

 

 

 

 

 

 

 

Basic and diluted earnings per share

 

$

0.18

 

 

$

0.05

 

 

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

5


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2022

 

 

2021

 

 

 

 

 

 

(As Restated)

 

Net income

 

$

44,097

 

 

$

697

 

Other comprehensive income:

 

 

 

 

 

 

Unrealized gain on valuation of swap agreements

 

 

35,734

 

 

 

33,556

 

Reclassification of realized interest on swap agreements

 

 

5,049

 

 

 

5,268

 

Other comprehensive income

 

 

40,783

 

 

 

38,824

 

Comprehensive income

 

 

84,880

 

 

 

39,521

 

Comprehensive income attributable to noncontrolling interests

 

 

(37,552

)

 

 

(1,775

)

Comprehensive income attributable to Acadia

 

$

47,328

 

 

$

37,746

 

 

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 March 31, 2022 and 2021 (As Restated)

 

 

 

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 January 1, 2022

 

 

89,304

 

 

$

89

 

 

$

1,754,383

 

 

$

(36,214

)

 

$

(196,645

)

 

$

1,521,613

 

 

$

628,322

 

 

$

2,149,935

 

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

 

 

36

 

 

 

 

 

 

572

 

 

 

 

 

 

 

 

 

572

 

 

 

(572

)

 

 

 

Issuance of Common Shares, net

 

 

5,151

 

 

 

5

 

 

 

111,511

 

 

 

 

 

 

 

 

 

111,516

 

 

 

 

 

 

111,516

 

Dividends/distributions declared ($0.18 per Common Share/OP Unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,011

)

 

 

(17,011

)

 

 

(1,283

)

 

 

(18,294

)

Employee and trustee stock compensation, net

 

 

17

 

 

 

1

 

 

 

430

 

 

 

 

 

 

 

 

 

431

 

 

 

3,389

 

 

 

3,820

 

Noncontrolling interest distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,780

)

 

 

(22,780

)

Noncontrolling interest contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,129

 

 

 

99,129

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

30,490

 

 

 

16,838

 

 

 

47,328

 

 

 

37,552

 

 

 

84,880

 

Reallocation of noncontrolling interests

 

 

 

 

 

 

 

 

(2,836

)

 

 

 

 

 

 

 

 

(2,836

)

 

 

2,836

 

 

 

 

Balance at March 31, 2022

 

 

94,508

 

 

$

95

 

 

$

1,864,060

 

 

$

(5,724

)

 

$

(196,818

)

 

$

1,661,613

 

 

$

746,593

 

 

$

2,408,206

 

(As Restated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2021

 

 

86,269

 

 

$

86

 

 

$

1,683,165

 

 

$

(74,891

)

 

$

(167,321

)

 

$

1,441,039

 

 

$

609,165

 

 

$

2,050,204

 

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

 

 

19

 

 

 

 

 

 

294

 

 

 

 

 

 

 

 

 

294

 

 

 

(294

)

 

 

 

Dividends/distributions declared ($0.15 per Common Share/OP Unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,945

)

 

 

(12,945

)

 

 

(1,048

)

 

 

(13,993

)

Employee and trustee stock compensation, net

 

 

14

 

 

 

 

 

 

462

 

 

 

 

 

 

 

 

 

462

 

 

 

4,049

 

 

 

4,511

 

Noncontrolling interest distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(