SEC Filings

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

 

Comparison of Results for the Three Months Ended March 31, 2019 to the Three Months Ended March 31, 2018

The results of operations by reportable segment for the three months ended March 31, 2019 compared to the three months ended March 31, 2018 are summarized in the table below (in millions, totals may not add due to rounding):

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

 

March 31, 2019

 

 

March 31, 2018

 

 

Increase (Decrease)

 

 

 

Core

 

 

Funds

 

 

SF

 

 

Total

 

 

Core

 

 

Funds

 

 

SF

 

 

Total

 

 

Core

 

 

Funds

 

 

SF

 

 

Total

 

Revenues

 

$

46.7

 

 

$

28.1

 

 

$

 

 

$

74.8

 

 

$

41.6

 

 

$

21.5

 

 

$

 

 

$

63.1

 

 

$

5.1

 

 

$

6.6

 

 

$

 

 

$

11.7

 

Depreciation and amortization

 

 

(15.7

)

 

 

(14.7

)

 

 

 

 

 

(30.3

)

 

 

(15.5

)

 

 

(13.1

)

 

 

 

 

 

(28.6

)

 

 

0.2

 

 

 

1.6

 

 

 

 

 

 

1.7

 

Property operating expenses, other

   operating and real estate taxes

 

 

(12.0

)

 

 

(10.0

)

 

 

 

 

 

(21.9

)

 

 

(10.9

)

 

 

(8.5

)

 

 

 

 

 

(19.4

)

 

 

1.1

 

 

 

1.5

 

 

 

 

 

 

2.5

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(8.4

)

 

 

 

 

 

 

 

 

 

 

 

(8.5

)

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Operating income (loss)

 

 

19.0

 

 

 

3.5

 

 

 

 

 

 

14.2

 

 

 

15.2

 

 

 

(0.1

)

 

 

 

 

 

6.7

 

 

 

3.8

 

 

 

3.6

 

 

 

 

 

 

7.5

 

Gain on disposition of properties

 

 

 

 

 

2.0

 

 

 

 

 

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.0

 

 

 

 

 

 

2.0

 

Interest income

 

 

 

 

 

 

 

 

2.3

 

 

 

2.3

 

 

 

 

 

 

 

 

 

3.7

 

 

 

3.7

 

 

 

 

 

 

 

 

 

(1.4

)

 

 

(1.4

)

Equity in earnings of unconsolidated

   affiliates inclusive of gains on

   disposition of properties

 

 

2.3

 

 

 

 

 

 

 

 

 

2.3

 

 

 

1.4

 

 

 

0.3

 

 

 

 

 

 

1.7

 

 

 

0.9

 

 

 

(0.3

)

 

 

 

 

 

0.6

 

Interest expense

 

 

(6.7

)

 

 

(11.2

)

 

 

 

 

 

(17.9

)

 

 

(6.5

)

 

 

(9.4

)

 

 

 

 

 

(15.9

)

 

 

0.2

 

 

 

1.8

 

 

 

 

 

 

2.0

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Net income (loss)

 

 

14.6

 

 

 

(5.6

)

 

 

2.3

 

 

 

2.9

 

 

 

10.2

 

 

 

(9.2

)

 

 

3.7

 

 

 

(4.2

)

 

 

4.4

 

 

 

3.6

 

 

 

(1.4

)

 

 

7.1

 

Net loss (income) loss attributable

   to noncontrolling interests

 

 

 

 

 

9.3

 

 

 

 

 

 

9.3

 

 

 

(0.1

)

 

 

11.7

 

 

 

 

 

 

11.6

 

 

 

(0.1

)

 

 

2.4

 

 

 

 

 

 

2.3

 

Net income attributable to Acadia

 

$

14.6

 

 

$

3.7

 

 

$

2.3

 

 

$

12.2

 

 

$

10.1

 

 

$

2.5

 

 

$

3.7

 

 

$

7.4

 

 

$

4.5

 

 

$

1.2

 

 

$

(1.4

)

 

$

4.8

 

 

Core Portfolio

The results of operations for our Core Portfolio segment are depicted in the table above under the headings labeled “Core.” Segment net income attributable to Acadia for our Core Portfolio increased $4.5 million for the three months ended March 31, 2019 compared to the prior year period as a result of the changes further described below.

Revenues for our Core Portfolio increased $5.1 million for the three months ended March 31, 2019 compared to the prior year period due primarily to the write-off of a below market lease related to a tenant that vacated in 2019.

Property operating expenses, other operating and real estate taxes for our Core Portfolio increased $1.1 million for the three months ended March 31, 2019 compared to the prior year period primarily due to increased real estate taxes and legal expenses.

Equity in earnings of unconsolidated affiliates for our Core Portfolio increased $0.9 million for the three months ended March 31, 2019 compared to the prior year period primarily due to the conversion of a portion of a note receivable into increased ownership in real estate.

Funds

The results of operations for our Funds segment are depicted in the table above under the headings labeled “Funds.” Segment net income attributable to Acadia for the Funds increased $1.2 million for the three months ended March 31, 2019 compared to the prior year period as a result of the changes described below.

Revenues for the Funds increased $6.6 million for the three months ended March 31, 2019 compared to the prior year period primarily due to Fund property acquisitions in 2019 and 2018.

Depreciation and amortization for the Funds increased $1.6 million for the three months ended March 31, 2019 compared to the prior year period primarily due to Fund property acquisitions in 2019 and 2018.

Property operating expenses, other operating and real estate taxes for the Funds increased $1.5 million for the three months ended March 31, 2019 compared to the prior year period primarily due to a $1.7 million increase from Fund property acquisitions in 2019 and 2018.

Gain on disposition of properties for the Funds increased $2.0 million for the three months ended March 31, 2019 compared to the prior year period due the sale of 3104 M Street in Fund III during 2019 (Note 2, Note 4).

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