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)

 

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the three months ended March 31, 2019 and 2018 (dollars in thousands):

 

 

 

Noncontrolling

Interests in

Operating

Partnership (a)

 

 

Noncontrolling

Interests in

Partially-Owned

Affiliates (b)

 

 

Total

 

Balance at January 1, 2019

 

$

104,223

 

 

$

518,219

 

 

$

622,442

 

Distributions declared of $0.28 per Common OP Unit

 

 

(1,781

)

 

 

 

 

 

(1,781

)

Net income (loss) for the three months ended March 31, 2019

 

 

931

 

 

 

(10,192

)

 

 

(9,261

)

Conversion of 174,529 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(2,953

)

 

 

 

 

 

(2,953

)

Other comprehensive loss - unrealized loss on valuation of swap agreements

 

 

(694

)

 

 

(1,605

)

 

 

(2,299

)

Reclassification of realized interest expense on swap agreements

 

 

(22

)

 

 

1

 

 

 

(21

)

Noncontrolling interest contributions

 

 

 

 

 

32,191

 

 

 

32,191

 

Noncontrolling interest distributions

 

 

 

 

 

(3,237

)

 

 

(3,237

)

Employee Long-term Incentive Plan Unit Awards

 

 

3,360

 

 

 

 

 

 

3,360

 

Rebalancing adjustment (c)

 

 

1,980

 

 

 

 

 

 

1,980

 

Balance at March 31, 2019

 

$

105,044

 

 

$

535,377

 

 

$

640,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 

$

102,921

 

 

$

545,519

 

 

$

648,440

 

Distributions declared of $0.27 per Common OP Unit

 

 

(1,721

)

 

 

 

 

 

(1,721

)

Net income (loss) for the three months ended March 31, 2018

 

 

612

 

 

 

(12,191

)

 

 

(11,579

)

Conversion of 36,126 Common OP Units to Common Shares by limited partners of the Operating Partnership

 

 

(642

)

 

 

 

 

 

(642

)

Other comprehensive income - unrealized gain on valuation of swap agreements

 

 

274

 

 

 

886

 

 

 

1,160

 

Reclassification of realized interest expense on swap agreements

 

 

10

 

 

 

84

 

 

 

94

 

Noncontrolling interest distributions

 

 

 

 

 

(695

)

 

 

(695

)

Employee Long-term Incentive Plan Unit Awards

 

 

3,716

 

 

 

 

 

 

3,716

 

Rebalancing adjustment (c)

 

 

1,225

 

 

 

 

 

 

1,225

 

Balance at March 31, 2018

 

$

106,395

 

 

$

533,603

 

 

$

639,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,325,240 and 3,328,873 Common OP Units at March 31, 2019 and March 31, 2018; (ii) 188 Series A Preferred OP Units at March 31, 2019 and March 31, 2018; (iii) 136,593 Series C Preferred OP Units at March 31, 2019 and March 31, 2018; and (iv) 2,726,043 and 2,619,872 LTIP units at March 31, 2019 and March 31, 2018, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

(b)

Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and six other subsidiaries.

(c)

Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership (the “Rebalancing”).

Preferred OP Units

There were no issuances of Preferred OP Units during the three months ended March 31, 2019.

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