SEC Filings

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

 

 

2019 Guidance

Supplemental Report – December 31, 2018

(in thousands)

 

 

 

 

2019 Guidance Forecast

 

 

 

 

 

 

 

 

 

 

 

Low

 

 

High

 

 

2018 Actual 1

 

(in millions, except per share amounts)

$ Millions

 

 

$/Share

 

 

$ Millions

 

 

$/Share

 

 

$ Millions

 

 

$/Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income

 

$

29.0

 

 

$

0.35

 

 

$

38.1

 

 

$

0.46

 

 

$

31.4

 

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core property NOI

 

$

136.0

 

 

 

 

 

 

$

138.2

 

 

 

 

 

 

$

133.5

 

 

 

 

 

Fund property NOI

 

 

13.8

 

 

 

 

 

 

 

14.8

 

 

 

 

 

 

 

11.2

 

 

 

 

 

Straight-line and above/below market rents

 

 

8.8

 

 

 

 

 

 

 

9.8

 

 

 

 

 

 

 

13.5

 

 

 

 

 

Interest income (Structured Finance Portfolio)

 

 

5.3

 

 

 

 

 

 

 

6.8

 

 

 

 

 

 

 

7.3

 

 

 

 

 

Asset based fee income, net

 

 

16.6

 

 

 

 

 

 

 

16.2

 

 

 

 

 

 

 

16.6

 

 

 

 

 

Transactional based fee income, net

 

 

4.4

 

 

 

 

 

 

 

5.9

 

 

 

 

 

 

 

7.7

 

 

 

 

 

Interest expense, net of capitalized interest 2

 

 

(42.9

)

 

 

 

 

 

 

(41.6

)

 

 

 

 

 

 

(40.9

)

 

 

 

 

General and administrative 3

 

 

(32.0

)

 

 

 

 

 

 

(34.3

)

 

 

 

 

 

 

(31.1

)

 

 

 

 

Non-real estate depreciation and other expenses

 

 

(0.5

)

 

 

 

 

 

 

(1.0

)

 

 

 

 

 

 

(0.5

)

 

 

 

 

FFO, prior to transactional activity 4

 

$

109.5

 

 

$

1.25

 

 

$

114.8

 

 

$

1.31

 

 

$

117.3

 

 

$

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund acquisitions, and related fees

 

 

 

 

 

 

0.01

 

 

 

 

 

 

 

0.03

 

 

 

 

 

 

 

Net Promote and other transactional income 5

 

 

 

 

 

 

0.01

 

 

 

 

 

 

 

0.05

 

 

 

0.8

 

 

 

0.01

 

Accelerated tenant recapture - GAAP Adjustments 6

 

 

 

 

 

 

0.07

 

 

 

 

 

 

 

0.07

 

 

 

2.8

 

 

 

0.03

 

FFO

 

 

 

 

 

$

1.34

 

 

 

 

 

 

$

1.46

 

 

$

120.9

 

 

$

1.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Guidance Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully diluted common shares - weighted average

 

 

82.0

 

 

 

 

 

 

 

83.0

 

 

 

 

 

 

 

82.1

 

 

 

 

 

Fully diluted common shares and OP Units - weighted average

 

 

87.5

 

 

 

 

 

 

 

88.0

 

 

 

 

 

 

 

87.7

 

 

 

 

 

Same property net operating income growth

 

 

3.0

%

 

 

 

 

 

 

4.0

%

 

 

 

 

 

 

1.8

%

 

 

 

 

Fund acquisitions

 

$

200.0

 

 

 

 

 

 

$

800.0

 

 

 

 

 

 

$

149.1

 

 

 

 

 

__________

 

 

1.

2018 FFO excludes a special item (retirement charge), which aggregated $0.02 per share, or $2.0 million. For a reconciliation of FFO per share to net income per share, please see the “2019 Guidance” section of the earnings release in Section I of this Supplemental Report.

 

2.

Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest.

 

3.

2019 FFO guidance includes approximately $0.02 of internal leasing costs, which will be expensed and no longer deferred under new accounting guidance effective January 1, 2019.

 

4.

Before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets.

 

5.

Represents net promote and other transactional activity.

 

6.

Includes amounts associated with the early recapture of below-market leases. 2019 amounts are anticipated to be recognized in the first quarter.

 

 

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