|ACADIA REALTY TRUST filed this Form 10-Q on 04/25/2019|
A summary of our consolidated debt, which includes the full amount of Fund related obligations and excludes our pro rata share of debt at our unconsolidated subsidiaries, is as follows (in thousands):
As of March 31, 2019, our consolidated outstanding mortgage and notes payable aggregated $1,610.8 million, excluding unamortized premium of $0.7 million and unamortized loan costs of $12.3 million, and were collateralized by 45 properties and related tenant leases. Interest rates on our outstanding indebtedness ranged from 1.00% to 6.00% with maturities that ranged from May 21, 2019, to August 23, 2042. Taking into consideration $691.3 million of notional principal under variable to fixed-rate swap agreements currently in effect, $1,173.1 million of the portfolio debt, or 72.8%, was fixed at a 3.67% weighted-average interest rate and $437.6 million, or 27.2% was floating at a 4.89% weighted average interest rate as of March 31, 2019. Our variable-rate debt includes $167.3 million of debt subject to interest rate caps.
There is $212.7 million of debt maturing in 2019 at a weighted-average interest rate of 5.60%; there is $4.8 million of scheduled principal amortization due in 2019; and our share of scheduled remaining 2019 principal payments and maturities on our unconsolidated debt was $1.9 million at March 31, 2019. In addition, $479.7 million of our total consolidated debt and $10.2 million of our pro-rata share of unconsolidated debt will come due in 2020. As it relates to the maturing debt in 2019 and 2020, we may not have sufficient cash on hand to repay such indebtedness, and, therefore, we expect to refinance at least a portion of this indebtedness or select other alternatives based on market conditions as these loans mature; however, there can be no assurance that we will be able to obtain financing at acceptable terms.
A mortgage loan in the Company’s Core Portfolio for $26.3 million was in default and subject to litigation at March 31, 2019 and December 31, 2018 (Note 7).
Share Repurchase Program
During the three months ending March 31, 2019, we made no repurchases under the share repurchase program (Note 10), under which $144.9 million currently remains available.
Sources of Liquidity
Our primary sources of capital for funding our liquidity needs include (i) the issuance of both public equity and OP Units, (ii) the issuance of both secured and unsecured debt, (iii) unfunded capital commitments from noncontrolling interests within our Funds, (iv) future sales of existing properties, (v) repayments of structured financing investments, and (vi) cash on hand and future cash flow from operating activities. Our cash on hand in our consolidated subsidiaries at March 31, 2019 totaled $27.8 million. Our remaining sources of liquidity are described further below.
We have an ATM equity issuance program (Note 10) which provides us an efficient and low-cost vehicle for raising public equity to fund our capital needs. Through this program, we have been able to effectively “match-fund” the required equity for our Core Portfolio and Fund acquisitions through the issuance of Common Shares over extended periods employing a price averaging strategy. In addition, from time to time, we have issued and intend to continue to issue, equity in follow-on offerings separate from our ATM program. Net proceeds raised through our ATM program and follow-on offerings are primarily used for acquisitions, both for our Core Portfolio and our pro-rata share of Fund acquisitions, and for general corporate purposes. During the three months ended March 31, 2019 the Company sold 970,835 shares under this program for gross proceeds of $28.2 million, at a weighted-average price of $29.08, or $27.8 million net of issuance costs.