SEC Filings

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

 

Fund Capital

During the three months ended March 31, 2019, Funds III, IV and V called capital contributions of $2.4 million, $4.7 million and $33.2 million, respectively, of which our aggregate share was $8.3 million. At March 31, 2019, unfunded capital commitments from noncontrolling interests within our Funds III, IV and V were $17.9 million, $80.4 million and $321.0 million, respectively.

Asset Sales

As previously discussed, during the three months ended March 31, 2019, within our Fund portfolio, Fund III sold one consolidated property for $10.5 million to an unconsolidated Core portfolio venture (Note 2, Note 4).

Structured Financing Repayments

During the three months ended March 31, 2019, there were no significant transactions in our Structured Financing portfolio. There are $38.7 million of scheduled principal collections for the remainder of 2019.

Financing and Debt

As of March 31, 2019, we had $235.2 million of additional capacity under existing Core and Fund revolving debt facilities. In addition, at that date within our Core and Fund portfolios, we had 67 unleveraged consolidated properties with an aggregate carrying value of approximately $1.3 billion and one unleveraged unconsolidated property for which our share of the carrying value was $99.2 million, although there can be no assurance that we would be able to obtain financing for these properties at favorable terms, if at all.

HISTORICAL CASH FLOW

The following table compares the historical cash flow for the three months ended March 31, 2019 with the cash flow for the three months ended March 31, 2018 (in millions):

 

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

Variance

 

Net cash provided by operating activities

 

$

19.8

 

 

$

22.9

 

 

$

(3.1

)

Net cash used in investing activities

 

 

(93.0

)

 

 

(26.3

)

 

 

(66.7

)

Net cash provided by (used in) financing activities

 

 

78.7

 

 

 

(30.5

)

 

 

109.2

 

Increase (decrease) in cash and restricted cash

 

$

5.4

 

 

$

(33.8

)

 

$

39.2

 

 

Operating Activities

 

Our operating activities provided $3.1 million less cash during the three months ended March 31, 2019 as compared to the three months ended March 31, 2018, primarily due to a decrease in rents prepaid by tenants in 2019 compared to 2018.

Investing Activities

During the three months ended March 31, 2019 as compared to the three months ended March 31, 2018, our investing activities used $66.7 million more cash, primarily due to (i) $47.1 million more cash used in investments in unconsolidated affiliates, (ii) $26.0 million less cash received from repayments of notes receivable, and (iii) $14.6 million less cash received from return of capital from unconsolidated affiliates. These uses of cash were partially offset by (i) $10.4 million less cash used for the acquisition of real estate, and (ii) $9.8 million more cash received for the disposition of properties.

Financing Activities

Our financing activities provided $109.2 million more cash during the three months ended March 31, 2019 as compared to the three months ended March 31, 2018, primarily from (i) an increase of $32.2 million of cash provided from contributions from noncontrolling interests, (ii) $32.0 million less cash used to repurchase Common Shares, (iii) $27.8 million more cash received from the sale of Common Shares and (iv) $21.1 million more cash provided from net borrowings. These items were partially offset by (i) $2.6 million more cash used for distributions to noncontrolling interests.

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