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)

 

4. Investments in and Advances to Unconsolidated Affiliates

The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

 

 

 

 

 

Nominal Ownership Interest

 

 

March 31,

 

 

December 31,

 

Portfolio

 

Property

 

March 31, 2019

 

 

2019

 

 

2018

 

Core:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

840 N. Michigan (a)

 

88.43%

 

 

$

64,561

 

 

$

65,013

 

 

 

Renaissance Portfolio

 

20%

 

 

 

33,059

 

 

 

32,458

 

 

 

Gotham Plaza

 

49%

 

 

 

29,399

 

 

 

29,550

 

 

 

Town Center (a, b)

 

75.22%

 

 

 

99,106

 

 

 

99,758

 

 

 

Georgetown Portfolio

 

50%

 

 

 

4,761

 

 

 

4,653

 

 

 

 

 

 

 

 

 

 

230,886

 

 

 

231,432

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mervyns I & II:

 

KLA/Mervyn's, LLC (c)

 

10.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund III:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund III Other Portfolio

 

90%

 

 

 

17

 

 

 

21

 

 

 

Self Storage Management (d)

 

95%

 

 

 

206

 

 

 

206

 

 

 

 

 

 

 

 

 

 

223

 

 

 

227

 

Fund IV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broughton Street Portfolio (e)

 

50%

 

 

 

3,149

 

 

 

3,236

 

 

 

Fund IV Other Portfolio

 

90%

 

 

 

13,922

 

 

 

14,540

 

 

 

650 Bald Hill Road

 

90%

 

 

 

12,704

 

 

 

12,880

 

 

 

 

 

 

 

 

 

 

29,775

 

 

 

30,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund V:

 

Family Center at Riverdale

 

90%

 

 

 

48,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Various Funds:

 

Due (to) from Related Parties (f)

 

 

 

 

 

 

(701

)

 

 

(461

)

 

 

Other (g)

 

 

 

 

 

 

556

 

 

 

556

 

 

 

Investments in and advances to

unconsolidated affiliates

 

 

 

 

 

$

309,349

 

 

$

262,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crossroads (h)

 

49%

 

 

$

15,415

 

 

$

15,623

 

 

 

Distributions in excess of income from,

and investments in, unconsolidated affiliates

 

 

 

 

 

$

15,415

 

 

$

15,623

 

 

 

(a)

Represents a tenancy-in-common interest.

 

(b)

During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center.

 

(c)

Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.

 

(d)

Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

 

(e)

The Company is entitled to a 15% return on its cumulative capital contribution which was $3.0 million at both March 31, 2019 and December 31, 2018. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $2.8 million at both March 31, 2019 and December 31, 2018.

 

(f)

Represents deferred fees.

 

(g)

Includes a cost-method investment in Albertson’s (Note 8), Storage Post and other investments.

 

(h)

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

18