SEC Filings

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

 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,936

 

 

$

(4,160

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,333

 

 

 

28,576

 

Distributions of operating income from unconsolidated affiliates

 

 

2,054

 

 

 

4,724

 

Equity in earnings and gains of unconsolidated affiliates

 

 

(2,271

)

 

 

(1,684

)

Stock compensation expense

 

 

3,454

 

 

 

3,809

 

Amortization of financing costs

 

 

1,743

 

 

 

1,375

 

Gain on disposition of properties

 

 

(2,014

)

 

 

 

Other, net

 

 

(6,614

)

 

 

(1,889

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Other liabilities

 

 

(7,068

)

 

 

1,461

 

Prepaid expenses and other assets

 

 

(390

)

 

 

(2,240

)

Rents receivable, net

 

 

2,283

 

 

 

(2,359

)

Accounts payable and accrued expenses

 

 

(4,661

)

 

 

(4,674

)

Net cash provided by operating activities

 

 

19,785

 

 

 

22,939

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Acquisition of real estate

 

 

(32,034

)

 

 

(46,171

)

Development, construction and property improvement costs

 

 

(19,909

)

 

 

(18,136

)

Issuance of or advances on notes receivable

 

 

 

 

 

(2,951

)

Proceeds from the disposition of properties, net

 

 

9,779

 

 

 

 

Investments in and advances to unconsolidated affiliates

 

 

(48,983

)

 

 

(1,847

)

Return of capital from unconsolidated affiliates and other

 

 

1,635

 

 

 

16,210

 

Proceeds from notes receivable

 

 

 

 

 

26,000

 

(Payment) return of deposits for properties under contract

 

 

(1,952

)

 

 

1,750

 

Payment of deferred leasing costs

 

 

(1,549

)

 

 

(1,134

)

Net cash used in investing activities

 

 

(93,013

)

 

 

(26,279

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Principal payments on mortgage and other notes

 

 

(8,014

)

 

 

(45,246

)

Principal payments on unsecured debt

 

 

(124,140

)

 

 

(420,500

)

Proceeds received on mortgage and other notes

 

 

101,655

 

 

 

47,273

 

Proceeds from unsecured debt

 

 

80,940

 

 

 

447,800

 

Payments for repurchase of Common Shares

 

 

 

 

 

(31,961

)

Payments of finance lease obligations

 

 

(625

)

 

 

 

Proceeds from the sale of Common Stock

 

 

27,834

 

 

 

 

Capital contributions from noncontrolling interests

 

 

32,191

 

 

 

 

Distributions to noncontrolling interests

 

 

(4,999

)

 

 

(2,411

)

Dividends paid to Common Shareholders

 

 

(22,836

)

 

 

(22,601

)

Deferred financing and other costs

 

 

(3,334

)

 

 

(2,822

)

Net cash provided by (used in) financing activities

 

 

78,672

 

 

 

(30,468

)

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and restricted cash

 

 

5,444

 

 

 

(33,808

)

Cash of $21,268 and $74,823 and restricted cash of $13,580 and $10,846, respectively, beginning of period

 

 

34,848

 

 

 

85,669

 

Cash of $27,765 and $39,344 and restricted cash of $12,527 and $12,517, respectively, end of period

 

$

40,292

 

 

$

51,861

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

 

 

Cash paid during the period for interest, net of capitalized interest of $2,575 and $1,492 respectively

 

$

16,898

 

 

$

11,910

 

Cash paid for income taxes, net of refunds

 

$

113

 

 

$

673

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash investing activities

 

 

 

 

 

 

 

 

Assumption of accounts payable and accrued expenses through acquisition of real estate

 

$

159

 

 

$

425

 

Right-of-use assets, finance leases obtained in exchange for finance lease liabilities

 

$

5,664

 

 

$

 

Right-of-use assets, finance leases obtained in exchange for assets under capital lease

 

$

76,965

 

 

$

 

Right-of-use assets, operating leases obtained in exchange for operating lease liabilities

 

$

11,871

 

 

$

 

Capital lease obligation exchanged for finance lease liability

 

$

71,111

 

 

$

 

Other liabilities exchanged for operating lease liabilities

 

$

946

 

 

$

 

Acquisition of undivided interest in a property through conversion of notes receivable

 

$

 

 

$

22,201

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

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