SEC Filings

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

 

Fund Overview

Supplemental Report – December 31, 2018

 

 

 

 

I. KEY METRICS

 

Fund I

 

Fund II

 

Fund III

 

Fund IV

 

Fund V

 

Total

General Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vintage

 

 

Sep-2001

 

 

Jun-2004

 

 

May-2007

 

 

May-2012

 

 

Aug-2016

 

 

 

Fund Size

 

$

 

90.0

 

Million

 

$

 

300.0

 

Million

 

$

 

502.5

 

Million

 

$

 

540.6

 

Million

 

$

 

520.0

 

Million

 

$

 

1,953.1

 

Million

Acadia's Commitment

 

$

 

20.0

 

Million

 

$

 

85.0

 

Million

 

$

 

123.3

 

Million

 

$

 

125.0

 

Million

 

$

 

104.5

 

Million

 

$

 

457.8

 

Million

Acadia's Pro Rata Share

 

 

 

22.2

 

%

 

 

 

 

28.3

 

%

 

 

 

 

24.5

 

%

 

 

 

 

23.1

 

%

 

 

 

 

20.1

 

%

 

 

 

 

23.4

 

%

 

Acadia's Promoted Share 1

 

 

 

37.8

 

%

 

 

 

 

42.7

 

%

 

 

 

 

39.6

 

%

 

 

 

 

38.5

 

%

 

 

 

 

36.1

 

%

 

 

 

 

38.8

 

%

 

Preferred Return

 

 

 

9.0

 

%

 

 

 

 

8.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

 

6.0

 

%

 

 

 

6.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current-Quarter, Fund-Level Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Contributions 2

 

$

 

86.6

 

Million

 

$

 

347.1

 

Million

 

$

 

423.9

 

Million

 

$

 

420.8

 

Million

 

$

 

85.1

 

Million

 

$

 

1,363.5

 

Million

Cumulative Net Distributions 3

 

$

 

195.4

 

Million

 

$

 

146.6

 

Million

 

$

 

551.9

 

Million

 

$

 

147.4

 

Million

 

$

 

-

 

Million

 

$

 

1,041.3

 

Million

Net Distributions/Contributions

 

 

 

225.6

 

%

 

 

 

 

42.2

 

%

 

 

 

 

130.2

 

%

 

 

 

 

35.0

 

%

 

 

 

N/A

 

 

 

 

 

 

76.4

 

%

 

Unfunded Commitment 4

 

$

 

0.0

 

Million

 

$

 

15.0

 

Million

 

$

 

26.1

 

Million

 

$

 

109.2

 

Million

 

$

 

434.9

 

Million

 

$

 

585.2

 

Million

Acquisition Dry Powder 5

 

 

N/A

 

 

 

 

 

N/A

 

 

 

 

 

N/A

 

 

 

 

 

N/A

 

 

 

 

$

 

287.0

 

Million

 

$

 

287.0

 

Million

Investment Period Closes 6

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Closed

 

 

 

 

 

Aug-2019

 

 

 

 

 

 

 

 

 

 

Currently in a Promote Position? (Yes/No)

 

 

No

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type:

 

 

Applicable to

 

 

Description

Asset Management 7

 

 

Fund I, II & III

 

 

1.5% of Implied Capital

Asset Management 7

 

 

Fund IV & V

 

 

1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period

Property Management

 

 

All funds

 

 

4.0% of gross property revenues

Leasing

 

 

All funds

 

 

Market-rate leasing commissions

Construction/Project Management

 

 

All funds

 

 

Market-rate fees

Development

 

 

Fund III, IV & V

 

 

3.0% of total project costs

__________

 

1.

Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%.

 

2.

With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments.

 

3.

Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018.

 

4.

Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution that is subject to recontribution to the Fund until April 2021.

 

5.

Unfunded Commitments available to deploy into new unidentified investments.

 

6.

With regard to Fund V’s investment period, Acadia has two one-year extension options, at its discretion, through August 2021.

 

7.

Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves.

 

 

 

 

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