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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 June 30, 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 July 29, 2022 there were 94,931,674 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 June 30, 2022 (Unaudited) and December 31, 2021

 

4

 

 

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021 (As Restated)

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021 (As Restated)

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021 (As Restated)

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2022 and 2021 (As Restated)

 

9

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

11

 

 

 

 

 

2.

 

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

 

46

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

59

4.

 

Controls and Procedures

 

61

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

62

1A.

 

Risk Factors

 

62

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

62

3.

 

Defaults Upon Senior Securities

 

62

4.

 

Mine Safety Disclosures

 

62

5.

 

Other Information

 

62

6.

 

Exhibits

 

63

 

 

Signatures

 

64

 

 


 

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

 

 

 

June 30,

 

 

December 31,

 

(dollars in thousands, except per share amounts)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

Operating real estate, net

 

$

3,441,176

 

 

$

3,219,373

 

Real estate under development

 

 

203,036

 

 

 

203,773

 

Net investments in real estate

 

 

3,644,212

 

 

 

3,423,146

 

Notes receivable, net

 

 

137,306

 

 

 

153,886

 

Investments in and advances to unconsolidated affiliates

 

 

333,529

 

 

 

322,326

 

Other assets, net

 

 

204,432

 

 

 

186,509

 

Right-of-use assets - operating leases, net

 

 

39,024

 

 

 

40,743

 

Cash and cash equivalents

 

 

23,921

 

 

 

17,746

 

Restricted cash

 

 

11,023

 

 

 

9,813

 

Rents receivable, net

 

 

45,437

 

 

 

43,625

 

Assets of properties held for sale

 

 

 

 

 

63,952

 

Total assets

 

$

4,438,884

 

 

$

4,261,746

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,104,355

 

 

$

1,140,293

 

Unsecured notes payable, net

 

 

613,384

 

 

 

559,040

 

Unsecured line of credit

 

 

96,487

 

 

 

112,905

 

Accounts payable and other liabilities

 

 

197,094

 

 

 

236,415

 

Lease liability - operating leases, net

 

 

37,030

 

 

 

38,759

 

Dividends and distributions payable

 

 

18,398

 

 

 

14,460

 

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

 

 

8,918

 

 

 

9,939

 

Total liabilities

 

 

2,075,666

 

 

 

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 94,928,598 and 89,303,545 shares, respectively

 

 

95

 

 

 

89

 

Additional paid-in capital

 

 

1,895,556

 

 

 

1,754,383

 

Accumulated other comprehensive income (loss)

 

 

11,240

 

 

 

(36,214

)

Distributions in excess of accumulated earnings

 

 

(214,279

)

 

 

(196,645

)

Total Acadia shareholders’ equity

 

 

1,692,612

 

 

 

1,521,613

 

Noncontrolling interests

 

 

670,606

 

 

 

628,322

 

Total equity

 

 

2,363,218

 

 

 

2,149,935

 

Total liabilities and equity

 

$

4,438,884

 

 

$

4,261,746

 

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

(in thousands except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

(As Restated)

 

 

 

 

 

(As Restated)

 

Rental income

 

$

80,559

 

 

$

72,069

 

 

$

160,026

 

 

$

138,067

 

Other

 

 

3,700

 

 

 

988

 

 

 

5,740

 

 

 

3,177

 

Total revenues

 

 

84,259

 

 

 

73,057

 

 

 

165,766

 

 

 

141,244

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

34,971

 

 

 

30,540

 

 

 

68,684

 

 

 

61,180

 

General and administrative

 

 

10,661

 

 

 

10,653

 

 

 

22,598

 

 

 

19,645

 

Real estate taxes

 

 

11,628

 

 

 

12,214

 

 

 

22,908

 

 

 

23,420

 

Property operating

 

 

13,567

 

 

 

12,636

 

 

 

26,917

 

 

 

25,845

 

Total operating expenses

 

 

70,827

 

 

 

66,043

 

 

 

141,107

 

 

 

130,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

12,216

 

 

 

5,909

 

 

 

41,031

 

 

 

10,521

 

Operating income

 

 

25,648

 

 

 

12,923

 

 

 

65,690

 

 

 

21,675

 

Equity in earnings of unconsolidated affiliates

 

 

1,280

 

 

 

899

 

 

 

4,410

 

 

 

2,781

 

Interest and other income

 

 

2,961

 

 

 

2,054

 

 

 

5,896

 

 

 

3,754

 

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

 

 

(26,283

)

 

 

1,842

 

 

 

(10,553

)

 

 

6,967

 

Interest expense

 

 

(19,222

)

 

 

(17,074

)

 

 

(37,147

)

 

 

(33,688

)

(Loss) income from continuing operations before income taxes

 

 

(15,616

)

 

 

644

 

 

 

28,296

 

 

 

1,489

 

Income tax provision

 

 

(209

)

 

 

(192

)

 

 

(24

)

 

 

(340

)

Net (loss) income

 

 

(15,825

)

 

 

452

 

 

 

28,272

 

 

 

1,149

 

Net loss (income) attributable to noncontrolling interests

 

 

15,451

 

 

 

3,259

 

 

 

(11,808

)

 

 

7,379

 

Net (loss) income attributable to Acadia

 

$

(374

)

 

$

3,711

 

 

$

16,464

 

 

$

8,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted (loss) income per share

 

$

0.00

 

 

$

0.04

 

 

$

0.17

 

 

$

0.09

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

(As Restated)

 

 

 

 

 

(As Restated)

 

Net (loss) income

 

$

(15,825

)

 

$

452

 

 

$

28,272

 

 

$

1,149

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on valuation of swap agreements

 

 

17,050

 

 

 

(10,069

)

 

 

52,784

 

 

 

23,487

 

Reclassification of realized interest on swap agreements

 

 

4,211

 

 

 

5,272

 

 

 

9,261

 

 

 

10,540

 

Other comprehensive income (loss)

 

 

21,261

 

 

 

(4,797

)

 

 

62,045

 

 

 

34,027

 

Comprehensive income (loss)

 

 

5,436

 

 

 

(4,345

)

 

 

90,317

 

 

 

35,176

 

Comprehensive loss (income) attributable to noncontrolling interests

 

 

11,154

 

 

 

2,109

 

 

 

(26,399

)

 

 

334

 

Comprehensive income (loss) attributable to Acadia

 

$

16,590

 

 

$

(2,236

)

 

$

63,918

 

 

$

35,510

 

 

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 June 30, 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 April 1, 2022

 

 

94,508

 

 

$

95

 

 

$

1,864,060

 

 

$

(5,724

)

 

$

(196,818

)

 

$

1,661,613

 

 

$

746,593

 

 

$

2,408,206

 

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

 

 

16

 

 

 

 

 

 

243

 

 

 

 

 

 

 

 

 

243

 

 

 

(243

)

 

 

 

Issuance of Common Shares, net

 

 

375

 

 

 

 

 

 

7,968