SEC Filings

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

 

Portfolio Debt - Detail

Supplemental Report –

(in thousands)

 

 

 

 

 

 

 

Principal

Balance at

 

 

Acadia's Pro-rata Share

 

 

Interest

 

 

 

 

Extension

Property

 

 

 

March 31, 2019

 

 

Percent

 

 

Amount

 

 

Rate

 

 

Maturity

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

938 W. North Avenue

 

Fund IV

 

 

14,100

 

 

 

23.12

%

 

 

3,260

 

 

LIBOR+265

 

 

09/01/19

 

1 x 12 mos.

Acadia Strategic Opportunity IV LLC

 

Fund IV

 

 

40,825

 

 

 

23.12

%

 

 

9,439

 

 

LIBOR+275

 

 

10/31/19

 

None

Broughton Street Portfolio

 

Fund IV

 

 

19,773

 

 

 

23.12

%

 

 

4,572

 

 

LIBOR+300

 

 

11/08/19

 

1 x 12 mos.

717 N. Michigan Avenue

 

Fund IV

 

 

66,617

 

 

 

23.12

%

 

 

15,402

 

 

LIBOR+395

 

 

12/09/19

 

2 x 12 mos.

Acadia Strategic Opportunity IV LLC

 

Fund IV

 

 

 

 

 

23.12

%

 

 

 

 

LIBOR+165

 

 

12/31/19

 

None

640 Broadway 4

 

Fund III

 

 

49,470

 

 

 

15.49

%

 

 

7,663

 

 

LIBOR+465

 

 

01/09/20

 

2 x 12 mos.

Wake Forest Crossing

 

Fund IV

 

 

23,616

 

 

 

23.12

%

 

 

5,460

 

 

LIBOR+160

 

 

02/14/20

 

2 x 12 mos.

Lincoln Place

 

Fund IV

 

 

23,100

 

 

 

23.12

%

 

 

5,341

 

 

LIBOR+185

 

 

03/13/20

 

None

650 Bald Hill Road

 

Fund IV

 

 

16,624

 

 

 

20.81

%

 

 

3,459

 

 

LIBOR+265

 

 

04/27/20

 

None

Acadia Strategic Opportunity Fund V LLC

 

Fund V

 

 

50,600

 

 

 

20.10

%

 

 

10,171

 

 

LIBOR+160

 

 

05/04/20

 

None

Eden Square 4

 

Fund IV

 

 

24,813

 

 

 

22.78

%

 

 

5,652

 

 

LIBOR+215

 

 

06/01/20

 

1 x 12 mos.

17 E. 71st Street

 

Fund IV

 

 

19,013

 

 

 

23.12

%

 

 

4,396

 

 

LIBOR+190

 

 

06/09/20

 

None

Cortlandt Crossing

 

Fund III

 

 

30,471

 

 

 

24.54

%

 

 

7,478

 

 

Prime+300

 

 

06/19/20

 

None

Nostrand Avenue

 

Fund III

 

 

9,967

 

 

 

24.54

%

 

 

2,446

 

 

LIBOR+265

 

 

07/01/20

 

1 x 12 mos.

Acadia Strategic Opportunity Fund II, LLC

 

Fund II

 

 

40,000

 

 

 

28.33

%

 

 

11,332

 

 

LIBOR+165

 

 

09/20/20

 

2 x 12 mos.

Hickory Ridge

 

Fund V

 

 

28,613

 

 

 

20.10

%

 

 

5,751

 

 

LIBOR+225

 

 

10/05/20

 

None

Santa Fe Plaza

 

Fund V

 

 

22,893

 

 

 

20.10

%

 

 

4,601

 

 

LIBOR+215

 

 

01/24/21

 

2 x 12 mos.

1035 Third Avenue

 

Fund IV

 

 

36,656

 

 

 

23.12

%

 

 

8,475

 

 

LIBOR+235

 

 

01/27/21

 

None

New Towne Center

 

Fund V

 

 

16,900

 

 

 

20.10

%

 

 

3,397

 

 

LIBOR+220

 

 

02/01/21

 

2 x 12 mos.

Fairlane Green

 

Fund V

 

 

40,300

 

 

 

20.10

%

 

 

8,100

 

 

LIBOR+190

 

 

06/05/21

 

2 x 12 mos.

Trussville Promenade

 

Fund V

 

 

29,370

 

 

 

20.10

%

 

 

5,903

 

 

LIBOR+185

 

 

06/15/21

 

2 x 12 mos.

Restaurants at Fort Point

 

Fund IV

 

 

6,145

 

 

 

23.12

%

 

 

1,421

 

 

LIBOR+235

 

 

08/25/21

 

None

CityPoint 4

 

Fund II

 

 

19,264

 

 

 

26.67

%

 

 

5,138

 

 

LIBOR+139

 

 

11/01/21

 

None

Promenade at Manassas 4

 

Fund IV

 

 

25,840

 

 

 

22.78

%

 

 

5,886

 

 

LIBOR+175

 

 

12/05/21

 

2 x 12 mos.

Airport Mall

 

Fund IV

 

 

5,440

 

 

 

23.12

%

 

 

1,258

 

 

LIBOR+200

 

 

04/01/22

 

None

Colonie Plaza

 

Fund IV

 

 

11,890

 

 

 

23.12

%

 

 

2,749

 

 

LIBOR+225

 

 

04/01/22

 

None

Dauphin Plaza

 

Fund IV

 

 

9,955

 

 

 

23.12

%

 

 

2,302

 

 

LIBOR+200

 

 

04/01/22

 

None

JFK Plaza

 

Fund IV

 

 

4,352

 

 

 

23.12

%

 

 

1,006

 

 

LIBOR+200

 

 

04/01/22

 

None

Shaw's Plaza (Waterville)

 

Fund IV

 

 

7,788

 

 

 

23.12

%

 

 

1,801

 

 

LIBOR+200

 

 

04/01/22

 

None

Wells Plaza

 

Fund IV

 

 

3,264

 

 

 

23.12

%

 

 

755

 

 

LIBOR+200

 

 

04/01/22

 

None

CityPoint Phase 3

 

Fund II

 

 

23,486

 

 

 

26.67

%

 

 

6,264

 

 

LIBOR+300

 

 

04/01/22

 

2 x 12 mos.

Dauphin Plaza

 

Fund IV

 

 

3,000

 

 

 

23.12

%

 

 

694

 

 

LIBOR+220

 

 

04/01/22

 

None

Shaw's Plaza (Windham)

 

Fund IV

 

 

5,811

 

 

 

23.12

%

 

 

1,344

 

 

LIBOR+200

 

 

12/01/22

 

None

Elk Grove Commons

 

Fund V

 

 

41,500

 

 

 

20.10

%

 

 

8,342

 

 

LIBOR+150

 

 

01/01/23

 

1 x 12 mos.

Hiram Pavilion

 

Fund V

 

 

28,830

 

 

 

20.10

%

 

 

5,795

 

 

LIBOR+190

 

 

03/05/24

 

None

Interest rate swaps 1

 

Funds II, IV & V

 

 

(366,408

)

 

 

22.09

%

 

 

(80,956

)

 

LIBOR+157

 

 

1.2 YRS

 

 

Sub-Total Variable-Rate Debt

 

 

 

 

488,511

 

 

 

 

 

 

 

105,614

 

 

LIBOR+229

 

 

 

 

 

Total Debt - Funds

 

 

 

$

1,068,370

 

 

 

 

 

 

$

243,016

 

 

4.49%

 

 

 

 

 

Total Debt - Core Portfolio and Funds

 

 

 

$

2,027,801

 

 

 

 

 

 

$

982,976

 

 

3.95%

 

 

 

 

 

_________

 

1.

The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements. Fund interest rate swaps include $90.5 million of Core swaps which are not designated to specific debt instruments.

 

2.

This loan is in default as of March 31, 2019 and is accruing interest for accounting purposes at the default rate of 11%.

 

3.

This is an unsecured revolving facility which has a current capacity up to $150,000 and can be increased to $300,000. The interest rate will vary based on levels of leverage.

 

4.

Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level.

 

5.

This loan was made in connection with the New Markets Tax Credit and contains a borrower option to purchase the loan for one dollar at the end of the term.

 

6.

Bears interest at the greater of 4% or the Prime Rate plus 50 basis points.

 

 

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