SEC Filings

8-K
ACADIA REALTY TRUST filed this Form 8-K on 02/19/2019
Entire Document
 

 

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations (a)  

(dollars and Common Shares in thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

Year Ended

December 31,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

55,104

 

 

$

50,181

 

 

$

208,756

 

 

$

198,941

 

Expense reimbursements

 

 

13,284

 

 

 

12,560

 

 

 

48,284

 

 

 

44,907

 

Other

 

 

1,057

 

 

 

3,340

 

 

 

5,173

 

 

 

6,414

 

Total revenues

 

 

69,445

 

 

 

66,081

 

 

 

262,213

 

 

 

250,262

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,794

 

 

 

27,689

 

 

 

117,549

 

 

 

104,934

 

General and administrative

 

 

9,984

 

 

 

8,470

 

 

 

34,343

 

 

 

33,756

 

Real estate taxes

 

 

9,184

 

 

 

8,484

 

 

 

36,712

 

 

 

35,946

 

Property operating

 

 

11,688

 

 

 

14,690

 

 

 

45,211

 

 

 

41,668

 

Impairment charge

 

 

 

 

 

10,615

 

 

 

 

 

 

14,455

 

Other operating

 

 

202

 

 

 

1,197

 

 

 

857

 

 

 

2,184

 

Total operating expenses

 

 

61,852

 

 

 

71,145

 

 

 

234,672

 

 

 

232,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

7,593

 

 

 

(5,064

)

 

 

27,541

 

 

 

17,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates inclusive of gain on disposition of properties of $0, $589, $0 and $15,360, respectively

 

 

2,223

 

 

 

2,327

 

 

 

9,302

 

 

 

23,371

 

Interest income

 

 

2,692

 

 

 

5,495

 

 

 

13,231

 

 

 

29,143

 

Interest expense

 

 

(19,096

)

 

 

(19,312

)

 

 

(69,978

)

 

 

(58,978

)

Gain on change in control

 

 

 

 

 

5,571

 

 

 

 

 

 

5,571

 

(Loss) income from continuing operations before income taxes

 

 

(6,588

)

 

 

(10,983

)

 

 

(19,904

)

 

 

16,426

 

Income tax (provision) benefit

 

 

(83

)

 

 

13

 

 

 

(934

)

 

 

(1,004

)

(Loss) income from continuing operations before gain on disposition of properties

 

 

(6,671

)

 

 

(10,970

)

 

 

(20,838

)

 

 

15,422

 

Gain on disposition of properties, net of tax

 

 

 

 

 

35,914

 

 

 

5,140

 

 

 

48,886

 

Net (loss) income

 

 

(6,671

)

 

 

24,944

 

 

 

(15,698

)

 

 

64,308

 

Net loss (income) attributable to noncontrolling interests

 

 

13,801

 

 

 

(4,032

)

 

 

47,137

 

 

 

(2,838

)

Net income attributable to Acadia

 

$

7,130

 

 

$

20,912

 

 

$

31,439

 

 

$

61,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(78

)

 

 

(219

)

 

 

(267

)

 

 

(642

)

Net income attributable to Common Shareholders - basic and diluted earnings per share

 

$

7,052

 

 

$

20,693

 

 

$

31,172

 

 

$

60,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for diluted earnings per share

 

 

81,591

 

 

 

83,733

 

 

 

82,080

 

 

 

83,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings per share - basic and diluted (b)

 

$

0.09

 

 

$

0.25

 

 

$

0.38

 

 

$

0.73

 

 

6