SEC Filings

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

 

 

Funds from Operations (“FFO”)1

Supplemental Report – December 31, 2018

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

Year to Date

 

 

 

March 31,

2018

 

 

June 30,

2018

 

 

September 30,

2018

 

 

December 31,

2018

 

 

December 31,

2018

 

Funds from operations ("FFO"):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

7,419

 

 

$

7,665

 

 

$

9,225

 

 

$

7,130

 

 

$

31,439

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share)

 

 

21,085

 

 

 

21,586

 

 

 

21,141

 

 

 

22,040

 

 

 

85,852

 

Gain on disposition of depreciable properties (net of noncontrolling interest share)

 

 

 

 

 

 

 

 

(994

)

 

 

 

 

 

(994

)

Income attributable to noncontrolling interests' share in Operating Partnership

 

 

612

 

 

 

633

 

 

 

731

 

 

 

597

 

 

 

2,573

 

FFO to Common Shareholders and Common OP Unit holders

 

$

29,116

 

 

$

29,884

 

 

$

30,103

 

 

$

29,767

 

 

$

118,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add back: retirement charge

 

 

 

 

 

 

 

 

 

 

 

2,036

 

 

 

2,036

 

FFO before Special Item

 

$

29,116

 

 

$

29,884

 

 

$

30,103

 

 

$

31,803

 

 

$

120,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Funds from operations ("AFFO"):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FFO

 

$

29,116

 

 

$

29,884

 

 

$

30,103

 

 

$

29,767

 

 

$

118,870

 

Straight-line rent, net

 

 

(1,399

)

 

 

(1,381

)

 

 

(1,101

)

 

 

(1,009

)

 

 

(4,890

)

Above/(below)-market rent

 

 

(2,177

)

 

 

(2,169

)

 

 

(2,119

)

 

 

(4,941

)

 

 

(11,406

)

Amortization of finance costs

 

 

595

 

 

 

594

 

 

 

642

 

 

 

661

 

 

 

2,492

 

Above/below-market interest

 

 

(47

)

 

 

(47

)

 

 

(47

)

 

 

(47

)

 

 

(188

)

Non-real estate depreciation

 

 

111

 

 

 

107

 

 

 

169

 

 

 

119

 

 

 

506

 

Leasing commissions

 

 

(212

)

 

 

(632

)

 

 

(320

)

 

 

(713

)

 

 

(1,877

)

Tenant improvements

 

 

(1,224

)

 

 

(2,211

)

 

 

(3,745

)

 

 

(2,896

)

 

 

(10,076

)

Capital expenditures

 

 

(957

)

 

 

(152

)

 

 

(1,471

)

 

 

(574

)

 

 

(3,154

)

AFFO to Common Shareholders and Common OP Unit holders

 

$

23,806

 

 

$

23,993

 

 

$

22,111

 

 

$

20,367

 

 

$

90,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted average diluted shares and OP Units

 

 

89,067

 

 

 

87,485

 

 

 

87,251

 

 

 

87,212

 

 

 

87,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted FFO per Common share and OP Unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO

 

$

0.33

 

 

$

0.34

 

 

$

0.35

 

 

$

0.34

 

 

$

1.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO before special item

 

$

0.33

 

 

$

0.34

 

 

$

0.35

 

 

$

0.36

 

 

$

1.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11