SEC Filings

10-Q
ACADIA REALTY TRUST filed this Form 10-Q on 04/25/2019
Entire Document
 

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the three months ended March 31, 2019 and year ended December 31, 2018 were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

Revenues

 

$

43

 

 

$

815

 

Expenses

 

 

(74

)

 

 

(876

)

Loss from continuing operations of disposed properties

   before gain on disposition of properties

 

 

(31

)

 

 

(61

)

Gain on disposition of properties

 

 

2,014

 

 

 

 

Net (income) loss attributable to noncontrolling interests

 

 

(1,629

)

 

 

77

 

Net income attributable to Acadia

 

$

354

 

 

$

16

 

 

Real Estate Under Development and Construction in Progress

Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction.

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):

 

 

 

December 31, 2018

 

 

Three Months Ended 2019

 

 

March 31, 2019

 

 

 

Number of

Properties

 

 

Carrying

Value

 

 

Transfers In

 

 

Capitalized

Costs

 

 

Transfers Out

 

 

Number of

Properties

 

 

Carrying

Value

 

Core

 

 

1

 

 

$

7,759

 

 

$

57,342

 

 

$

253

 

 

$

 

 

 

1

 

 

$

65,354

 

Fund II

 

 

 

 

 

7,462

 

 

 

 

 

 

738

 

 

 

 

 

 

 

 

 

8,200

 

Fund III

 

 

1

 

 

 

21,242

 

 

 

12,313

 

 

 

642

 

 

 

 

 

 

1

 

 

 

34,197

 

Fund IV

 

 

1

 

 

 

83,834

 

 

 

 

 

 

1,730

 

 

 

 

 

 

1

 

 

 

85,564

 

Total

 

 

3

 

 

$

120,297

 

 

$

69,655

 

 

$

3,363

 

 

$

 

 

 

3

 

 

$

193,315

 

 

The number of properties in the table above refers to projects comprising the entire property; however, certain projects represent a portion of a property as follows: During the three months ended March 31, 2019, the Company placed a portion of one Core property (City Center) and a portion of one Fund III property (Cortlandt Crossing) into development and during 2017 the Company placed Fund II’s City Point Phase I and II project into service. Fund II amounts are comprised of the remaining City Point Phase III project.

 

During the year ended December 31, 2018, the Company placed one Core development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the year ended December 31, 2018.

Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period.

3. Notes Receivable, Net

The Company’s notes receivable, net were generally collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

March 31, 2019

 

Description

 

2019

 

 

2018

 

 

Number

 

 

Maturity Date

 

Interest Rate

 

Core Portfolio

 

$

56,475

 

 

$

56,475

 

 

 

2

 

 

Apr 2019 - Apr 2020

 

6.0% - 8.1%

 

Fund II

 

 

32,738

 

 

 

32,582

 

 

 

1

 

 

Dec 2020

 

1.75%

 

Fund III

 

 

5,306

 

 

 

5,306

 

 

 

1

 

 

Jul 2020

 

18.0%

 

Fund IV

 

 

15,250

 

 

 

15,250

 

 

 

1

 

 

Feb 2021

 

15.3%

 

 

 

$

109,769

 

 

$

109,613

 

 

 

5

 

 

 

 

 

 

 

16