SEC Filings

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

 

Funds from Operations

We consider funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing our performance. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating our performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, we define FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property and impairment of depreciable real estate, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. A reconciliation of net income attributable to Acadia to FFO follows (dollars in thousands, except per share amounts):

 

 

 

 

 

Three Months Ended March 31,

 

(dollars in thousands except per share data)

 

 

 

2019

 

 

 

 

2018

 

Net income attributable to Acadia

 

 

 

$

12,197

 

 

 

 

$

7,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of

   noncontrolling interests' share)

 

 

 

 

21,999

 

 

 

 

 

21,085

 

Gain on disposition of properties (net of noncontrolling interests’ share)

 

 

 

 

(384

)

 

 

 

 

 

Income attributable to Common OP Unit holders

 

 

 

 

795

 

 

 

 

 

477

 

Distributions - Preferred OP Units

 

 

 

 

135

 

 

 

 

 

135

 

Funds from operations attributable to Common Shareholders and

   Common OP Unit holders

 

 

 

$

34,742

 

 

 

 

$

29,116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

 

 

82,032,852

 

 

 

 

 

83,434,083

 

Weighted-average OP Units outstanding

 

 

 

 

5,214,130

 

 

 

 

 

4,966,152

 

Basic weighted-average shares outstanding, FFO

 

 

 

 

87,246,982

 

 

 

 

 

88,400,235

 

Assumed conversion of Preferred OP Units to common shares

 

 

 

 

499,345

 

 

 

 

 

499,345

 

Assumed conversion of LTIP units and restricted share units to

   common shares

 

 

 

 

222,326

 

 

 

 

 

167,919

 

Diluted weighted-average number of Common Shares and Common

   OP Units outstanding, FFO

 

 

 

 

87,968,653

 

 

 

 

 

89,067,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

 

 

$

0.39

 

 

 

 

$

0.33

 

 

 


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