SEC Filings

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

 

 

 

 

 

Selected Financial Ratios

Supplemental Report – March 31, 2019

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31,

 

 

 

 

Quarter Ended

 

COVERAGE RATIOS 1

 

2019

 

 

2018

 

 

LEVERAGE RATIOS

 

March 31, 2019

 

 

December 31, 2018

 

Fixed-Charge Coverage Ratios

 

 

 

 

 

 

 

 

 

Debt/Market Capitalization Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA 2 divided by:

 

$

39,324

 

 

$

34,791

 

 

Debt + Preferred Equity (Preferred O.P. Units)

 

$

996,593

 

 

$

975,640

 

Interest expense

 

 

6,327

 

 

 

6,321

 

 

Total Market Capitalization

 

 

3,391,963

 

 

 

3,029,906

 

Principal Amortization

 

 

989

 

 

 

1,101

 

 

Debt + Preferred Equity/

 

 

 

 

 

 

 

 

Preferred Dividends 3

 

 

795

 

 

 

135

 

 

  Total Market Capitalization

 

 

29

%

 

 

32

%

Fixed-Charge Coverage Ratio - Core Portfolio

 

 

4.8

x

 

 

4.6

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA divided by:

 

$

43,982

 

 

$

38,441

 

 

Debt 6

 

$

981,952

 

 

$

959,206

 

Interest expense

 

 

8,700

 

 

 

8,352

 

 

Total Market Capitalization

 

 

3,391,963

 

 

 

3,029,906

 

Principal Amortization

 

 

1,233

 

 

 

1,345

 

 

Net Debt + Preferred Equity/

 

 

 

 

 

 

 

 

Preferred Dividends

 

 

795

 

 

 

135

 

 

  Total Market Capitalization

 

 

29

%

 

 

32

%

Fixed-Charge Coverage Ratio - Core Portfolio and Funds

 

 

4.1

x

 

 

3.9

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payout Ratios

 

 

 

 

 

 

 

 

 

Debt/EBITDA Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared (per share/OP Unit)

 

$

0.28

 

 

$

0.27

 

 

Debt

 

$

739,960

 

 

$

731,012

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

140,046

 

 

 

143,290

 

Dividends (Shares) & Distributions (OP Units) declared

 

$

24,916

 

 

$

24,259

 

 

Debt/EBITDA - Core Portfolio

 

 

5.3

x

 

 

5.1

x

FFO

 

 

34,742

 

 

 

29,116

 

 

 

 

 

 

 

 

 

 

 

FFO Payout Ratio

 

 

72

%

 

 

83

%

 

Debt 5

 

$

732,037

 

 

$

718,030

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

140,046

 

 

 

143,290

 

 

 

 

 

 

 

 

 

 

 

Net Debt/EBITDA - Core Portfolio

 

 

5.2

x

 

 

5.0

x

Dividends (Shares) & Distributions (OP Units) declared

 

$

24,916

 

 

$

24,259

 

 

 

 

 

 

 

 

 

 

 

AFFO

 

 

24,613

 

 

 

23,806

 

 

Debt 4

 

$

982,976

 

 

$

963,776

 

AFFO Payout Ratio

 

 

101

%

 

 

102

%

 

EBITDA

 

 

158,678

 

 

 

159,672

 

 

 

 

 

 

 

 

 

 

 

Debt/EBITDA - Core Portfolio and Funds

 

 

6.2

x

 

 

6.0

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt 6

 

$

968,335

 

 

$

947,342

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

158,678

 

 

 

159,672

 

 

 

 

 

 

 

 

 

 

 

Net Debt/EBITDA - Core Portfolio and Funds

 

 

6.1

x

 

 

5.9

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

__________

 

1.

Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.

 

2.

See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia.

 

3.

Represents preferred distributions on Preferred Operating partnership Units.

 

4.

Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations.

 

5.

Reflects debt net of the current Core Portfolio cash balance at end of period.

 

6.

Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period.

 

 

 

 

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