SEC Filings

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

 

CONTRACTUAL OBLIGATIONS

The following table summarizes: (i) principal and interest obligations under mortgage and other notes, (ii) rents due under non-cancelable operating and capital leases, which includes ground leases at seven of our properties and the lease for our corporate office and (iii) construction commitments as of March 31, 2019 (in millions):

 

 

 

Payments Due by Period

 

Contractual Obligations

 

Total

 

 

Less than

1 Year

 

 

1 to 3

Years

 

 

3 to 5

Years

 

 

More than

5 Years

 

Principal obligations on debt

 

$

1,610.8

 

 

$

315.0

 

 

$

590.5

 

 

$

499.5

 

 

$

205.8

 

Interest obligations on debt

 

 

260.0

 

 

 

76.9

 

 

 

91.6

 

 

 

47.7

 

 

 

43.8

 

Lease obligations (a)

 

 

202.0

 

 

 

3.6

 

 

 

9.0

 

 

 

8.8

 

 

 

180.6

 

Construction commitments (b)

 

 

69.9

 

 

 

69.9

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,142.7

 

 

$

465.4

 

 

$

691.1

 

 

$

556.0

 

 

$

430.2

 

 

(a)

A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If we do 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 2020.

(b)

In conjunction with the development of our Core Portfolio and Fund properties, we have entered into construction commitments with general contractors. We intend to fund these requirements with existing liquidity.

OFF-BALANCE SHEET ARRANGEMENTS

We have the following investments made through joint ventures for the purpose of investing in operating properties. We account for these investments using the equity method of accounting. As such, our financial statements reflect our investment and our share of income and loss from, but not the individual assets and liabilities, of these joint ventures.

See Note 4 in the Notes to Consolidated Financial Statements, for a discussion of our unconsolidated investments. The Operating Partnership’s pro-rata share of unconsolidated non-recourse debt related to those investments is as follows (dollars in millions):

 

 

 

Operating Partnership

 

 

March 31, 2019

Investment

 

Ownership

Percentage

 

 

Pro-rata Share of

Mortgage Debt

 

 

Interest Rate

 

 

Maturity Date

230/240 W. Broughton

 

 

11.6

%

 

$

1.1

 

 

 

5.49

%

 

May 2019

650 Bald Hill

 

 

20.8

%

 

 

3.5

 

 

 

5.14

%

 

Apr 2020

Eden Square (a)

 

 

22.8

%

 

 

5.7

 

 

 

4.64

%

 

Jun 2020

Promenade at Manassas (b)

 

 

22.8

%

 

 

5.9

 

 

 

4.24

%

 

Dec 2021

3104 M Street

 

 

20.0

%

 

 

0.9

 

 

 

6.00

%

 

Dec 2021

Gotham Plaza (c)

 

 

49.0

%

 

 

9.7

 

 

 

4.09

%

 

Jun 2023

Renaissance Portfolio

 

 

20.0

%

 

 

32.0

 

 

 

4.19

%

 

Aug 2023

Crossroads

 

 

49.0

%

 

 

32.3

 

 

 

3.94

%

 

Oct 2024

840 N. Michigan

 

 

88.4

%

 

 

65.0

 

 

 

4.36

%

 

Feb 2025

Georgetown Portfolio

 

 

50.0

%

 

 

8.2

 

 

 

4.72

%

 

Dec 2027

Total

 

 

 

 

 

$

164.3

 

 

 

 

 

 

 

 

(a)

Our unconsolidated affiliate is a party to two interest rate LIBOR caps. One of the interest rate LIBOR caps has a notional value of $22.5 million, which effectively fixes the interest rate at 3.00%. The second interest rate LIBOR cap has a notional value of $2.5 million, which effectively fixes the interest rate at 3.85%.

(b)

Our unconsolidated affiliate is a party to an interest rate LIBOR swap with a notional value of $25.8 million, which effectively fixes the interest rate at 4.57%.

(c)

Our unconsolidated affiliate is a party to an interest rate LIBOR swap with a notional value of $19.9 million, which effectively fixes the interest rate at 3.49%.

 

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