SEC Filings

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

 

 

Income Statement – Pro Rata Adjustments

Supplemental Report – December 31, 2018

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31, 2018

 

 

Year to Date December 31, 2018

 

CORE PORTFOLIO AND FUND INCOME

 

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

 

 

Company’s

Interest in

Unconsolidated

Subsidiaries 5

 

 

Noncontrolling

Interest in

Consolidated

Subsidiaries 4

 

 

Company’s

Interest in

Unconsolidated

Subsidiaries 5

 

PROPERTY REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minimum rents

 

$

(15,894

)

 

$

8,204

 

 

$

(57,630

)

 

$

32,025

 

Percentage rents

 

 

(104

)

 

 

37

 

 

 

(350

)

 

 

154

 

Expense reimbursements - CAM

 

 

(2,472

)

 

 

973

 

 

 

(7,583

)

 

 

3,044

 

Expense reimbursements - Taxes

 

 

(1,856

)

 

 

2,299

 

 

 

(6,895

)

 

 

6,959

 

Other property income

 

 

(397

)

 

 

66

 

 

 

(1,444

)

 

 

38

 

Total Property Revenues

 

 

(20,723

)

 

 

11,579

 

 

 

(73,902

)

 

 

42,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating - CAM

 

 

(4,858

)

 

 

779

 

 

 

(15,815

)

 

 

2,797

 

Other property operating (Non-CAM)

 

 

(1,142

)

 

 

205

 

 

 

(5,051

)

 

 

987

 

Real estate taxes

 

 

(2,913

)

 

 

2,427

 

 

 

(11,199

)

 

 

7,798

 

Total Property Expenses

 

 

(8,913

)

 

 

3,411

 

 

 

(32,065

)

 

 

11,582

 

NET OPERATING INCOME - PROPERTIES

 

 

(11,810

)

 

 

8,168

 

 

 

(41,837

)

 

 

30,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(989

)

 

 

 

 

 

(5,980

)

 

 

5

 

Straight-line rent income

 

 

(1,650

)

 

 

566

 

 

 

(6,084

)

 

 

2,269

 

Above/below-market rent

 

 

(364

)

 

 

189

 

 

 

(2,907

)

 

 

782

 

Interest expense

 

 

9,829

 

 

 

(2,416

)

 

 

35,488

 

 

 

(9,974

)

Amortization of finance costs

 

 

1,178

 

 

 

(181

)

 

 

4,193

 

 

 

(677

)

Above/below-market interest expense

 

 

 

 

 

21

 

 

 

 

 

 

84

 

Asset and property management expense

 

 

(499

)

 

 

(175

)

 

 

395

 

 

 

(699

)

Other income/expense

 

 

(32

)

 

 

(42

)

 

 

(703

)

 

 

353

 

Transaction costs

 

 

 

 

 

 

 

 

64

 

 

 

 

Capital lease interest

 

 

 

 

 

 

 

 

 

 

 

 

CORE PORTFOLIO AND FUND INCOME

 

 

(4,337

)

 

 

6,130

 

 

 

(17,371

)

 

 

22,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FEE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset and property management fees

 

 

4,040

 

 

 

72

 

 

 

15,992

 

 

 

284

 

Promote income from funds, net

 

 

 

 

 

 

 

 

158

 

 

 

 

Net promote and other transactional income

 

 

 

 

 

 

 

 

(2,462

)

 

 

3,262

 

Transactional fees

 

 

1,421

 

 

 

22

 

 

 

7,213

 

 

 

109

 

Income tax provision

 

 

24

 

 

 

(4

)

 

 

146

 

 

 

(27

)

Total Fee Income

 

 

5,485

 

 

 

90

 

 

 

21,047

 

 

 

3,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and Administrative

 

 

498

 

 

 

(17

)

 

 

1,488

 

 

 

(120

)

Depreciation and amortization

 

 

12,616

 

 

 

(3,980

)

 

 

47,915

 

 

 

(16,724

)

Non-real estate depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

 

 

 

 

 

 

(3,907

)

 

 

(263

)

Income before equity in earnings and noncontrolling interests

 

 

14,262

 

 

 

2,223

 

 

 

49,172

 

 

 

9,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interests 6

 

 

(461

)

 

 

 

 

 

(2,035

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO ACADIA

 

$

13,801

 

 

$

2,223

 

 

$

47,137

 

 

$

9,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7