SEC Filings

8-K
ACADIA REALTY TRUST filed this Form 8-K on 04/25/2019
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

March 31,

 

 

 

 

 

2019

 

 

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

 

 

$

74,003

 

 

 

 

$

50,779

 

Expense reimbursements (b)

 

 

 

 

 

 

 

 

 

11,208

 

Other

 

 

 

 

797

 

 

 

 

 

1,137

 

Total revenues

 

 

 

 

74,800

 

 

 

 

 

63,124

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

30,333

 

 

 

 

 

28,576

 

General and administrative

 

 

 

 

8,323

 

 

 

 

 

8,470

 

Real estate taxes

 

 

 

 

9,603

 

 

 

 

 

8,959

 

Property operating

 

 

 

 

12,347

 

 

 

 

 

10,338

 

Other operating

 

 

 

 

 

 

 

 

 

80

 

Total operating expenses

 

 

 

 

60,606

 

 

 

 

 

56,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

14,194

 

 

 

 

 

6,701

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

2,271

 

 

 

 

 

1,684

 

Interest income

 

 

 

 

2,270

 

 

 

 

 

3,737

 

Interest expense

 

 

 

 

(17,859

)

 

 

 

 

(15,890

)

Income (loss) from continuing operations before income taxes

 

 

 

 

876

 

 

 

 

 

(3,768

)

Income tax benefit (provision)

 

 

 

 

46

 

 

 

 

 

(392

)

Income (loss) from continuing operations before gain on disposition of properties

 

 

 

 

922

 

 

 

 

 

(4,160

)

Gain on disposition of properties, net of tax

 

 

 

 

2,014

 

 

 

 

 

 

Net income (loss)

 

 

 

 

2,936

 

 

 

 

 

(4,160

)

Net loss attributable to noncontrolling interests

 

 

 

 

9,261

 

 

 

 

 

11,579

 

Net income attributable to Acadia

 

 

 

$

12,197

 

 

 

 

$

7,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

 

 

(68

)

 

 

 

 

(44

)

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

 

 

 

$

12,129

 

 

 

 

$

7,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for diluted earnings per share

 

 

 

 

82,037

 

 

 

 

 

83,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings per share - basic and diluted (c)

 

 

 

$

0.15

 

 

 

 

$

0.09

 

 

5