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)

 

 

A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031.

During the three months ended March 31, 2019 and 2018, no single tenant collectively comprised more than 10% of the Company’s consolidated total revenues.

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments.

The following tables set forth certain segment information for the Company (in thousands):

 

 

 

As of or for the Three Months Ended March 31, 2019

 

 

 

Core

Portfolio

 

 

Funds

 

 

Structured

Financing

 

 

Unallocated

 

 

Total

 

Revenues

 

$

46,687

 

 

$

28,113

 

 

$

 

 

$

 

 

$

74,800

 

Depreciation and amortization

 

 

(15,679

)

 

 

(14,654

)

 

 

 

 

 

 

 

 

(30,333

)

Property operating expenses, other operating and real estate taxes

 

 

(11,996

)

 

 

(9,954

)

 

 

 

 

 

 

 

 

(21,950

)

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(8,323

)

 

 

(8,323

)

Operating income

 

 

19,012

 

 

 

3,505

 

 

 

 

 

 

(8,323

)

 

 

14,194

 

Gain on disposition of properties

 

 

 

 

 

2,014

 

 

 

 

 

 

 

 

 

2,014

 

Interest income

 

 

 

 

 

 

 

 

2,270

 

 

 

 

 

 

2,270

 

Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties

 

 

2,270

 

 

 

1

 

 

 

 

 

 

 

 

 

2,271

 

Interest expense

 

 

(6,693

)

 

 

(11,166

)

 

 

 

 

 

 

 

 

(17,859

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Net income (loss)

 

 

14,589

 

 

 

(5,646

)

 

 

2,270

 

 

 

(8,277

)

 

 

2,936

 

Net (income) loss attributable to noncontrolling interests

 

 

(41

)

 

 

9,302

 

 

 

 

 

 

 

 

 

9,261

 

Net income attributable to Acadia

 

$

14,548

 

 

$

3,656

 

 

$

2,270

 

 

$

(8,277

)

 

$

12,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate at cost

 

$

2,114,727

 

 

$

1,640,864

 

 

$

 

 

$

 

 

$

3,755,591

 

Total assets

 

$

2,244,349

 

 

$

1,684,757

 

 

$

109,769

 

 

$

 

 

$

4,038,875

 

Cash paid for acquisition of real estate

 

$

32,034

 

 

$

 

 

$

 

 

$

 

 

$

32,034

 

Cash paid for development and property improvement costs

 

$

4,033

 

 

$

15,876

 

 

$

 

 

$

 

 

$

19,909

 

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