UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
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(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading symbol |
Name of exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02.Results of Operations and Financial Condition.
On February 12, 2020, Acadia Realty Trust (the “Company”) issued a press release announcing its consolidated financial results for the quarter and year ended December 31, 2019. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.
On the same day, the Company made available supplemental reporting information concerning the financial results, operations and portfolio of the Company as of and for the quarter ended December 31, 2019. A copy of the supplemental reporting information is attached to this Current Report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.
The information included in this Item 2.02, including the information included in Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished solely pursuant to this Item 2.02, and is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended (“Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a)(2) of the Securities Act.
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Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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99.1 |
Press release of the Company dated February 12, 2020 regarding the Company’s consolidated financial results for the quarter |
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99.2 |
Supplemental Reporting Information of the Company as of and for the quarter ended December 31, 2019 |
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101.SCH |
Inline XBRL Taxonomy Extension Schema |
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101.CAL |
Inline XBRL Extension Calculation Linkbase |
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101.LAB |
Inline XBRL Extension Labels Linkbase |
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101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase |
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101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase |
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104 |
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in |
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Exhibits 101.) |
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ACADIA REALTY TRUST |
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Dated: |
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(Registrant) |
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By: |
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/s/ John Gottfried |
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Name: |
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John Gottfried |
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February 14, 2020 |
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Title: |
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Sr. Vice President and Chief Financial Officer |
Sunny Holcomb
(914) 288-8100
ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2019 OPERATING RESULTS
RYE, NY (February 12, 2020) - Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter and year ended December 31, 2019. All per share amounts are on a fully-diluted basis.
Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates assets in the nation’s most dynamic urban and street-retail corridors, and a series of discretionary, institutional funds (“Funds”) that target opportunistic and value-add investments.
Please refer to the tables and notes accompanying this press release for further details on operating results and additional disclosures related to net income, funds from operations ("FFO") and net property operating income ("NOI").
Fourth Quarter and Full Year 2019 Highlights
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Earnings: In line with expectations, achieved GAAP earnings per share of $0.24 and FFO per share of $0.32 for the fourth quarter and $0.62 and $1.41 for the full year, respectively |
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Core Portfolio Operating Results: Excluding redevelopments, generated same-property NOI growth of 3.9% for the full year and 3.1% for the fourth quarter, driven by the strength of its street and urban portfolio |
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Investment Activity: During 2019 and year to date 2020, the Company completed in excess of $560.0 million of accretive external investments between its Core and Fund platforms as follows: |
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o |
Core Acquisition Activity: During 2019 and year to date 2020, the Company completed $190.6 million of core acquisitions including $92.7 million closed during the fourth quarter as it continued to execute on its strategy of building scale in Soho, New York and on West Armitage Avenue in Chicago along with its previously announced investment on Melrose Place in Los Angeles, California |
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Fund Acquisition Activity: During 2019 and year to date 2020, the Company completed $318.0 million of Fund V investments |
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Core Structured Finance Activity: In January 2020, the Company completed a $54.0 million structured finance loan on a mixed-use redevelopment in Sunset Park Brooklyn, New York |
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Core and Fund Disposition Activity: During the fourth quarter, the Company completed a suburban disposition for $22.6 million. In addition, Funds III and IV completed $102.0 million of dispositions during 2019 |
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Balance Sheet: Maintained conservative leverage levels by match-funding its core acquisitions; raised gross proceeds of $147.7 million through the Company’s at-the-market (“ATM”) program. At December 31, 2019, substantially all of the Core Portfolio debt was fixed at an average rate of 3.7% |
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Guidance: The Company is setting its initial 2020 guidance ranges as follows: earnings per share of $0.25 to $0.39, FFO per share of $1.32 to $1.46 and same property NOI growth of 1.5% to 2.5%, excluding redevelopment |
“Our solid fourth quarter and full year 2019 operating results reflect the continued strength of our Core Portfolio and the accretive impact of our recent investments. Notwithstanding the continually evolving landscape of retailing and retail real estate, we are seeing with increased clarity how a growing variety of retailers are successfully embracing the physical store in new and exciting ways. Acadia continues to own the right properties in the right markets to best capture the growth from these forward-thinking retailers,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty
1
Trust. “Taken together with our consistently healthy low-leveraged balance sheet, we are on track to achieve our near-term growth goals and deliver attractive investment returns for all of our stakeholders.”
FINANCIAL RESULTS
A complete reconciliation, in dollars and per share amounts, of net income attributable to common shareholders to FFO attributable to common shareholders and operating income to NOI is included in the financial tables of this release.
Net Income
Net income attributable to common shareholders for the quarter ended December 31, 2019 was $21.3 million, or $0.24 per share, inclusive of $16.6 million on a pro rata basis, or $0.19 per share attributable to an aggregate gain on dispositions of Core and Fund properties. Net income attributable to common shareholders for the quarter ended December 31, 2018 was $7.1 million, or $0.09 per share.
Net income attributable to common shareholders for the year ended December 31, 2019 was $53.0 million, or $0.62 per share, inclusive of (i) $7.5 million, or $0.09 per share, related to a previously-announced accelerated tenant recapture and (ii) $19.8 million on a pro rata basis attributable to an aggregate gain on dispositions of Core and Fund properties, or $0.23 per share. Net income attributable to common shareholders for the year ended December 31, 2018 was $31.4 million, or $0.38 per share inclusive of a $1.0 million gain on dispositions, or $0.01 per share.
FFO
FFO for the quarter ended December 31, 2019 was $29.3 million, or $0.32 per share, compared to $29.8 million, or $0.34 per share, for the quarter ended December 31, 2018.
FFO for the year ended December 31, 2019 was $126.9 million, or $1.41 per share, including $7.5 million, or $0.08 per share and $1.7 million, or $0.02 per share, related to accelerated tenant recaptures and net promote and other transactional income, respectively. FFO was $118.9 million, or $1.35 per share, for the year ended December 31, 2018 inclusive of a $2.0 million executive retirement charge, or $0.02 per share.
CORE PORTFOLIO
Core Operating Results
The Company had strong same-property NOI growth of 3.9% for the year ended December 31, 2019 and 3.1% for the fourth quarter, (before redevelopments). The growth was driven by continued strength in its street and urban portfolio.
During the fourth quarter and year to date 2020, the Company has profitably executed, or is in the final stages of executing, key street leases in New York City, Chicago and Greenwich, Connecticut resulting in successfully re-leasing the majority of its previously announced expirations. Additionally, Uniqlo at State and Washington in Chicago opened in November 2019.
Occupancy within the Core Portfolio increased 50 bps to 94.0% as of December 31, 2019. The leased rate remained stable at 94.8% as of December 31, 2019 compared to 94.9% as of September 30, 2019. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.
During the fourth quarter, the Company generated a 19.1% and 10.9% increase in rent on a GAAP and cash basis, respectively, on nine conforming new and renewal leases aggregating approximately 15,000 square feet, including an increase in rent on a GAAP and cash basis of 30.2% and 24.2% on two conforming new leases signed during the quarter.
2
During the year ended December 31, 2019 and year to date 2020, the Company acquired $190.6 million of Core Portfolio properties, including $92.7 million during the fourth quarter 2019 as follows. Amounts below are inclusive of transaction costs.
Soho, New York, NY. During the year ended December 31, 2019 and year to date 2020, the Company has acquired $131.2 million of street retail assets in Soho, New York, of which $41.1 million closed during the fourth quarter and $15.4 million closed in January 2020 as follows:
45 Greene Street, New York, NY. In November 2019, Acadia acquired 45 Greene Street for $12.4 million and executed a lease with L’Agence in conjunction with the closing.
37 Greene Street, New York, NY. In January 2020, the Company acquired 37 Greene Street for $15.4 million which is currently leased to Kartell.
The Company now owns six contiguous buildings on Greene Street.
Prince & Broadway, New York, NY. In December 2019, the Company, in conjunction with Prusik Group, acquired 565 Broadway for $28.7 million. This investment is located at the corner of Prince Street and Broadway and is currently leased to Pink (Victoria’s Secret).
Lincoln Park, Chicago, IL. During the year ended December 31, 2019, the Company has acquired three additional buildings aggregating $10.7 million on West Armitage Avenue in Chicago, IL of which $2.9 million closed during the fourth quarter. In December 2019, the Company acquired 907 West Armitage for $2.9 million which is currently leased to Kiehl’s. With these acquisitions, the Company now owns eleven buildings (seven of which are contiguous) on this prime stretch of West Armitage Avenue, a premier retail corridor in Lincoln Park.
Melrose Place, Los Angeles, CA. In October 2019, as previously announced, the Company completed the acquisition of 8436-8452 Melrose Place in Los Angeles, CA for $48.7 million. The five contiguous buildings are leased to high-quality, luxury tenants including Chloe (a subsidiary of Richemont), Oscar de la Renta, The Row, L’Agence, Violet Grey and Melanie Grant Skincare. This transaction is consistent with its strategy of acquiring critical mass on key urban streets with high barriers to entry.
Acquisitions completed to date were pre-funded with equity raised under the Company’s ATM program at an average gross price per share of approximately $28.60, along with proceeds from the strategic disposition of Pacesetter Plaza, a suburban shopping center, discussed below.
Core Disposition
Pacesetter Plaza, Pomona, NY. In October 2019, the Company sold Pacesetter Plaza, a 95,000 square-foot suburban shopping center located in Pomona, NY for $22.6 million in an off-market transaction. As previously announced, the Company had successfully executed a lease for re-anchoring its grocer. This strategic disposition allowed Acadia to capitalize on attractive pricing and accretively reinvest the proceeds into higher growth street and urban assets.
STRUCTURED FINANCE INVESTMENT
In January 2020, the Company completed a $54.0 million structured finance loan on a mixed-use redevelopment in Sunset Park Brooklyn, New York.
FUND PLATFORM
Fund Acquisitions
During the year ended December 31, 2019 and to date 2020, the Company completed $318.0 million of Fund V acquisitions.
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During the year ended December 31, 2019 and to date 2020, the Company completed $102.0 million of dispositions on behalf of Funds III and IV.
BALANCE SHEET
The Company further strengthened its balance sheet by match-funding its Core acquisition activity, along with proceeds from the strategic disposition of Pacesetter Plaza. The Company raised gross proceeds of $147.7 million from the sale of 5.2 million shares through December 31, 2019 at an average gross price per share of approximately $28.60 through the Company’s ATM program.
At December 31, 2019, substantially all of the Core Portfolio debt was fixed at an average rate of 3.7%.
The following guidance is based upon Acadia’s current view of existing market conditions and assumptions for the year ending December 31, 2020.
The Company is setting its initial 2020 guidance ranges as follows:
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Earnings per share of $0.25 to $0.39 |
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FFO per share of $1.32 to $1.46 |
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Same property NOI growth of 1.5% to 2.5%. |
These forecasts, and comparable 2019 results, both presented below are before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets. Please refer to the Company’s fourth quarter 2019 supplemental information package for additional details.
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2020 Guidance |
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2019 Actual |
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Net income per share attributable to Common Shareholders |
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$0.25 to $0.39 |
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$ |
0.62 |
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Impact of transactional activity and tenant recapture |
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(0.07) to (0.14) |
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(0.10) |
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Depreciation of real estate and amortization of leasing costs |
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(net of noncontrolling interests' share) |
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1.05 |
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0.99 |
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Gain on disposition of properties (net of noncontrolling interests' share) |
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— |
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(0.23) |
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Noncontrolling interest in Operating Partnership |
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0.02 |
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0.03 |
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Funds from operations, prior to additional transactional activity, per share |
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1.25 to 1.32 |
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$ |
1.31 |
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Fund acquisitions and related fees |
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0.01 to 0.04 |
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— |
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Net Promote and other Core and Fund transactional income |
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0.06 to 0.10 |
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0.02 |
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Accelerated tenant recapture - GAAP adjustments |
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— |
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0.08 |
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Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
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$1.32 to $1.46 |
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$ |
1.41 |
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5
Management will conduct a conference call on Thursday, February 13, 2020 at 12:00 PM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.
Live Conference Call:
Date: Thursday, February 13, 2020
Time: 12:00 PM ET
Dial#: 844-309-6711
Passcode: “Acadia Realty” or “6091615”
Webcast (Listen-only): www.acadiarealty.com under Investors, Presentations & Events
Phone Replay:
Dial#: 855-859-2056
Passcode: “6091615”
Available Through: Thursday, February 20, 2020
Webcast Replay: www.acadiarealty.com under Investors, Presentations & Events
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual - Core and Fund - operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic urban and street-retail corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.
Safe Harbor Statement
Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. These forward-looking statements include statements regarding Acadia’s future financial results and its ability to capitalize on potential investment opportunities. Factors that could cause the Company’s forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K filed with the SEC on February 19, 2019 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) political and economic uncertainty; (ii) the Company’s reliance on revenues derived from major tenants; (iii) the Company’s limited control over joint venture investments; (iv) the Company’s partnership structure; (v) real estate and the geographic concentration of the Company’s properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters; (ix) the Company’s growth strategy; (x) the Company’s status as a REIT; (xi) uninsured losses; (xii) information technology security threats and (xiii) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
6
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Statements of Operations (a)
(dollars and Common Shares in thousands, except per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenues |
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Rental income (b) |
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$ |
76,702 |
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$ |
68,669 |
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$ |
291,190 |
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$ |
254,508 |
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Other |
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1,084 |
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1,057 |
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4,137 |
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5,173 |
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Total revenues |
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77,786 |
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69,726 |
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295,327 |
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259,681 |
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Operating expenses |
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Depreciation and amortization |
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32,636 |
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30,794 |
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125,443 |
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117,549 |
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General and administrative |
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9,837 |
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9,984 |
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35,416 |
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34,343 |
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Real estate taxes |
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9,635 |
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9,184 |
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39,315 |
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36,712 |
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Property operating |
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13,888 |
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11,969 |
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51,153 |
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42,679 |
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Impairment charges |
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— |
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— |
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1,721 |
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— |
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Other operating |
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— |
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202 |
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— |
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857 |
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Total operating expenses |
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65,996 |
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62,133 |
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253,048 |
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232,140 |
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Gain on disposition of properties |
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16,254 |
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— |
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30,324 |
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5,140 |
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Operating income |
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28,044 |
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7,593 |
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72,603 |
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32,681 |
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Equity in earnings of unconsolidated affiliates |
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1,793 |
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2,223 |
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8,922 |
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9,302 |
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Interest income |
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1,741 |
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2,692 |
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7,988 |
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13,231 |
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Other income |
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— |
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— |
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6,947 |
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— |
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Interest expense |
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(17,067 |
) |
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(19,096 |
) |
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(73,788 |
) |
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(69,978 |
) |
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Income (loss) from continuing operations before income taxes |
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14,511 |
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(6,588 |
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22,672 |
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(14,764 |
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Income tax benefit (provision) |
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154 |
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(83 |
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(1,468 |
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(934 |
) |
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Net income (loss) |
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14,665 |
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(6,671 |
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21,204 |
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(15,698 |
) |
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Net loss attributable to noncontrolling interests |
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6,645 |
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13,801 |
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31,841 |
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47,137 |
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Net income attributable to Acadia |
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$ |
21,310 |
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$ |
7,130 |
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$ |
53,045 |
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$ |
31,439 |
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Less: net income attributable to participating securities |
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(175 |
) |
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(78 |
) |
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(413 |
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(267 |
) |
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Net income attributable to Common Shareholders - basic and diluted earnings per share |
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$ |
21,135 |
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$ |
7,052 |
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$ |
52,632 |
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$ |
31,172 |
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Weighted average shares for diluted earnings per share |
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87,058 |
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81,591 |
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84,436 |
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82,080 |
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Net Earnings per share - basic and diluted (c) |
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$ |
0.24 |
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$ |
0.09 |
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$ |
0.62 |
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$ |
0.38 |
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7
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Funds From Operations (a, d)
(dollars and Common Shares and Units in thousands, except per share data)
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Three Months Ended December 31, |
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Year Ended December 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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Net income attributable to Acadia |
|
$ |
21,310 |
|
|
|
|
$ |
7,130 |
|
|
|
|
$ |
53,045 |
|
|
|
|
$ |
31,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) |
|
|
23,216 |
|
|
|
|
|
22,040 |
|
|
|
|
|
89,373 |
|
|
|
|
|
85,852 |
|
|
Impairment charge (net of noncontrolling interests' share) |
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
395 |
|
|
|
|
|
— |
|
|
Gain on disposition of properties (net of noncontrolling interests' share) |
|
|
(16,644 |
) |
|
|
|
|
— |
|
|
|
|
|
(19,786 |
) |
|
|
|
|
(994 |
) |
|
Income attributable to Common OP Unit holders |
|
|
1,264 |
|
|
|
|
|
462 |
|
|
|
|
|
3,295 |
|
|
|
|
|
2,033 |
|
|
Distributions - Preferred OP Units |
|
|
135 |
|
|
|
|
|
135 |
|
|
|
|
|
540 |
|
|
|
|
|
540 |
|
|
Funds from operations attributable to Common Shareholders and Common OP Unit holders |
|
$ |
29,281 |
|
|
|
|
$ |
29,767 |
|
|
|
|
$ |
126,862 |
|
|
|
|
$ |
118,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations per Share - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding, GAAP earnings |
|
|
87,058 |
|
|
|
|
|
81,591 |
|
|
|
|
|
84,436 |
|
|
|
|
|
82,080 |
|
|
Weighted-average OP Units outstanding |
|
|
5,028 |
|
|
|
|
|
4,907 |
|
|
|
|
|
5,111 |
|
|
|
|
|
4,942 |
|
|
Assumed conversion of Preferred OP Units to common shares |
|
|
499 |
|
|
|
|
|
499 |
|
|
|
|
|
499 |
|
|
|
|
|
499 |
|
|
Assumed conversion of LTIP units and restricted share units to common shares |
|
|
— |
|
|
|
|
|
215 |
|
|
|
|
|
— |
|
|
|
|
|
207 |
|
|
Weighted average number of Common Shares and Common OP Units |
|
|
92,585 |
|
|
|
|
|
87,212 |
|
|
|
|
|
90,046 |
|
|
|
|
|
87,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Funds from operations, per Common Share and Common OP Unit |
|
$ |
0.32 |
|
|
|
|
$ |
0.34 |
|
|
|
|
$ |
1.41 |
|
|
|
|
$ |
1.35 |
|
8
ACADIA REALTY TRUST AND SUBSIDIARIES
Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (a)
(dollars in thousands)
|
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating income |
|
$ |
28,044 |
|
|
$ |
7,593 |
|
|
$ |
72,603 |
|
|
$ |
32,681 |
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
9,837 |
|
|
|
9,984 |
|
|
|
35,416 |
|
|
|
34,343 |
|
|
Depreciation and amortization |
|
|
32,636 |
|
|
|
30,794 |
|
|
|
125,443 |
|
|
|
117,549 |
|
|
Impairment charge |
|
|
— |
|
|
|
— |
|
|
|
1,721 |
|
|
|
— |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Above/below market rent, straight-line rent and other adjustments |
|
|
(7,477 |
) |
|
|
(8,030 |
) |
|
|
(24,447 |
) |
|
|
(23,521 |
) |
|
Gain on disposition of properties |
|
|
(16,254 |
) |
|
|
— |
|
|
|
(30,324 |
) |
|
|
(5,140 |
) |
|
Consolidated NOI |
|
|
46,786 |
|
|
|
40,341 |
|
|
|
180,412 |
|
|
|
155,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest in consolidated NOI |
|
|
(14,031 |
) |
|
|
(10,583 |
) |
|
|
(52,248 |
) |
|
|
(37,496 |
) |
|
Less: Operating Partnership's interest in Fund NOI included above |
|
|
(3,578 |
) |
|
|
(2,852 |
) |
|
|
(13,870 |
) |
|
|
(9,790 |
) |
|
Add: Operating Partnership's share of unconsolidated joint ventures NOI (e) |
|
|
6,395 |
|
|
|
6,563 |
|
|
|
25,948 |
|
|
|
24,919 |
|
|
NOI - Core Portfolio |
|
$ |
35,572 |
|
|
$ |
33,469 |
|
|
$ |
140,242 |
|
|
$ |
133,545 |
|
9
ACADIA REALTY TRUST AND SUBSIDIARIES
Consolidated Balance Sheets (a)
(dollars in thousands)
|
|
|
As of |
|
|||||||
|
|
|
December 31, 2019 |
|
|
|
|
December 31, 2018 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, at cost |
|
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
756,297 |
|
|
|
|
$ |
710,469 |
|
|
Buildings and improvements |
|
|
2,914,165 |
|
|
|
|
|
2,745,982 |
|
|
Construction in progress |
|
|
13,617 |
|
|
|
|
|
44,092 |
|
|
Properties under capital lease (b) |
|
|
— |
|
|
|
|
|
76,965 |
|
|
Right-of-use assets - finance leases (b) |
|
|
102,055 |
|
|
|
|
|
— |
|
|
Right-of-use assets - operating leases (b) |
|
|
60,006 |
|
|
|
|
|
— |
|
|
|
|
|
3,846,140 |
|
|
|
|
|
3,577,508 |
|
|
Less: Accumulated depreciation and amortization |
|
|
(490,227 |
) |
|
|
|
|
(416,657 |
) |
|
Operating real estate, net |
|
|
3,355,913 |
|
|
|
|
|
3,160,851 |
|
|
Real estate under development |
|
|
253,402 |
|
|
|
|
|
120,297 |
|
|
Net investments in real estate |
|
|
3,609,315 |
|
|
|
|
|
3,281,148 |
|
|
Notes receivable, net |
|
|
114,943 |
|
|
|
|
|
111,775 |
|
|
Investments in and advances to unconsolidated affiliates |
|
|
305,097 |
|
|
|
|
|
262,410 |
|
|
Other assets, net |
|
|
190,658 |
|
|
|
|
|
206,408 |
|
|
Cash and cash equivalents |
|
|
15,845 |
|
|
|
|
|
21,268 |
|
|
Restricted cash |
|
|
14,165 |
|
|
|
|
|
13,580 |
|
|
Rents receivable |
|
|
59,091 |
|
|
|
|
|
62,191 |
|
|
Total assets |
|
$ |
4,309,114 |
|
|
|
|
$ |
3,958,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
1,170,076 |
|
|
|
|
$ |
1,017,288 |
|
|
Unsecured notes payable, net |
|
|
477,320 |
|
|
|
|
|
533,257 |
|
|
Unsecured line of credit |
|
|
60,800 |
|
|
|
|
|
— |
|
|
Accounts payable and other liabilities (b) |
|
|
371,516 |
|
|
|
|
|
286,072 |
|
|
Dividends and distributions payable |
|
|
27,075 |
|
|
|
|
|
24,593 |
|
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
15,362 |
|
|
|
|
|
15,623 |
|
|
Total liabilities |
|
|
2,122,149 |
|
|
|
|
|
1,876,833 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Acadia Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 87,050,465 and 81,557,472 shares, respectively |
|
|
87 |
|
|
|
|
|
82 |
|
|
Additional paid-in capital |
|
|
1,706,357 |
|
|
|
|
|
1,548,603 |
|
|
Accumulated other comprehensive (loss) income |
|
|
(31,175 |
) |
|
|
|
|
516 |
|
|
Distributions in excess of accumulated earnings |
|
|
(132,961 |
) |
|
|
|
|
(89,696 |
) |
|
Total Acadia shareholders’ equity |
|
|
1,542,308 |
|
|
|
|
|
1,459,505 |
|
|
Noncontrolling interests |
|
|
644,657 |
|
|
|
|
|
622,442 |
|
|
Total equity |
|
|
2,186,965 |
|
|
|
|
|
2,081,947 |
|
|
Total liabilities and equity |
|
$ |
4,309,114 |
|
|
|
|
$ |
3,958,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
ACADIA REALTY TRUST AND SUBSIDIARIES
Notes to Financial Highlights:
|
|
(a) |
For additional information and analysis concerning the Company’s balance sheet and results of operations, reference is made to the Company’s quarterly supplemental disclosures for the relevant periods furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com. |
|
|
(b) |
Effective January 1, 2019, expense reimbursements are combined with rental income on the consolidated statements of income, right-of-use assets have been established under operating real estate and lease liabilities within accounts payable and other liabilities on the consolidated balance sheets in accordance with Accounting Standards Codification 842, Leases. Additionally, for the 2018 periods, expense reimbursements have been combined with rental income and credit losses have been reclassified between property operating expense and rental income. For more information about the implementation of ASC 842, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
|
|
(c) |
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. The effect of the conversion of common units of partnership interest (“OP Units”) in Acadia Realty Limited Partnership, the “Operating Partnership” of the Company, is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. |
|
|
(d) |
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude 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. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI 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 the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures. |
|
|
(e) |
The pro-rata share of NOI is based upon the Company’s stated ownership percentages in each venture or Fund’s operating agreement. Does not include the Operating Partnership's share of NOI from unconsolidated joint ventures within the Funds. |
11
Exhibit 99.2
ACADIA—REALTY TRUST—Q2 2018 SUPPLEMENTAL REPORTING INFORMATIO
|
|
|
Supplemental Report – December 31, 2019 |
||||
|
|
|
|
|
|
|
|
|
Section I - Fourth Quarter 2019 Earnings Press Release |
|
|
|
|
|
|
|
Section II - Financial Information |
|
|
Section III – Core Portfolio Information |
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
26 |
|||
|
4 |
|
|
30 |
|||
|
Operating Statements |
|
|
|
31 |
||
|
5 |
|
|
32 |
|||
|
7 |
|
|
33 |
|||
|
8 |
|
|
|
|
||
|
9 |
|
|
|
|
||
|
11 |
|
|
|
|
||
|
12 |
|
|
|
|
||
|
13 |
|
|
|
|
||
|
14 |
|
Section IV - Fund Information |
|
|
||
|
15 |
|
|
|
|
||
|
Other Information |
|
|
|
34 |
||
|
16 |
|
|
35 |
|||
|
18 |
|
|
38 |
|||
|
19 |
|
|
39 |
|||
|
20 |
|
|
|
|
||
|
Debt Analysis |
|
|
|
|
|
|
|
22 |
|
|
|
|
||
|
23 |
|
|
|
|
||
|
25 |
|
|
41 |
|||
Visit www.acadiarealty.com for additional investor and portfolio information
|
Supplemental Report – December 31, 2019 |
|
|||||
|
|
|
|
|
|
|
|
|
Acadia Realty Trust is a fully-integrated equity real estate investment trust, focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas. Acadia owns, or has an ownership interest in, these properties through its Core Portfolio and through a series of opportunistic/value-add investment funds. Additional information may be found on the Company’s website at www.acadiarealty.com. |
||||||
|
|
|
|||||
|
|
|
|||||
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Headquarters |
|
Investor Relations |
|
New York Stock Exchange |
|
|
|
411 Theodore Fremd Avenue |
|
Amy Racanello |
|
Symbol AKR |
|
|
|
Suite 300 |
|
Senior Vice President, |
|
|
|
|
|
Rye, NY 10580 |
|
Capital Markets & Investments |
|
|
|
|
|
|
|
(914) 288-3345 |
|
|
|
|
|
|
|
aracanello@acadiarealty.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analyst Coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America / Merrill Lynch |
|
BTIG |
|
KeyBanc Capital Markets, Inc. |
|
|
|
Craig Schmidt - (646) 855-3640 |
|
Michael Gorman - (212) 738-6138 |
|
Todd Thomas - (917) 368-2286 |
|
|
|
craig.schmidt@baml.com |
|
mgorman@btig.com |
|
tthomas@key.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Green Street Advisors |
|
Citigroup - Global Markets |
|
J.P. Morgan Securities, Inc. |
|
|
|
Vince Tibone - (949) 640-8780 |
|
Christy McElroy - (212) 816-6981 |
|
Michael W. Mueller, CFA - (212) 622-6689 |
|
|
|
vtibone@greenstreetadvisors.com |
|
christy.mcelroy@citi.com |
|
michael.w.mueller@jpmorgan.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jefferies |
|
Compass Point Research & Trading, LLC |
||
|
|
|
Linda Tsai – (212) 778-8011 |
|
Floris van Dijkum – (646) 757-2621 |
|
|
|
|
|
ltsai@jefferies.com |
|
fvandijkum@compasspointllc.com |
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
Supplemental Report – December 31, 2019 |
(Including pro-rata share of Fund debt, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Total Outstanding Common |
|
|
Weighted Average |
|
||||||||||||||||||||||||
|
|
Total Market |
|
|
|
|
|
|
Capitalization |
|
|
Shares and OP Units (in thousands) |
|
|
Diluted EPS |
|
|
FFO |
|
||||||||||||||||||||||||
|
|
|
Capitalization ($) |
|
|
% |
|
|
Based on Net Debt 1 |
|
|
|
|
Common Shares |
|
|
Common OP Units |
|
|
Total |
|
|
Quarter |
|
|
YTD |
|
|
Quarter |
|
|
YTD |
|
||||||||||
|
Equity Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
87,050 |
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2018 |
|
|
81,557 |
|
|
|
5,030 |
|
|
|
86,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Operating Partnership ("OP") Units |
|
|
5,015 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
5 |
|
|
|
276 |
|
|
|
281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Common Shares and OP Units |
|
|
92,065 |
|
|
|
|
|
|
|
|
|
|
Share issuances |
|
|
971 |
|
|
|
— |
|
|
|
971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OP Conversions |
|
|
175 |
|
|
|
(175 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price at December 31, 2019 |
|
$ |
25.93 |
|
|
|
|
|
|
|
|
|
|
Balance at 3/31/2019 |
|
|
82,708 |
|
|
|
5,131 |
|
|
|
87,839 |
|
|
|
82,037 |
|
|
|
82,037 |
|
|
|
87,969 |
|
|
|
87,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
16 |
|
|
|
15 |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Capitalization - Common Shares and OP Units |
|
$ |
2,387,245 |
|
|
|
|
|
|
|
|
|
|
Share issuances |
|
|
1,696 |
|
|
|
— |
|
|
|
1,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred OP Units |
|
|
12,948 |
|
2 |
|
|
|
|
|
|
|
|
OP Conversions |
|
|
33 |
|
|
|
(33 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Capitalization |
|
|
2,400,193 |
|
|
69% |
|
|
70% |
|
|
Balance at 6/30/2019 |
|
|
84,453 |
|
|
|
5,113 |
|
|
|
89,566 |
|
|
|
83,704 |
|
|
|
82,873 |
|
|
|
89,530 |
|
|
|
88,744 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share issuances |
|
|
2,149 |
|
|
|
— |
|
|
|
2,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|
|
OP Conversions |
|
|
42 |
|
|
|
(42 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated debt |
|
|
1,717,928 |
|
|
|
|
|
|
|
|
|
|
Balance at 9/30/2019 |
|
|
86,644 |
|
|
|
5,071 |
|
|
|
91,715 |
|
|
|
84,888 |
|
|
|
83,552 |
|
|
|
90,683 |
|
|
|
89,404 |
|
|
Adjustment to reflect pro-rata share of debt |
|
|
(657,733 |
) |
|
|
|
|
|
|
|
|
|
Share issuances |
|
|
350 |
|
|
|
— |
|
|
|
350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Capitalization |
|
|
1,060,195 |
|
|
31% |
|
|
30% |
|
|
OP Conversions |
|
|
56 |
|
|
|
(56 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 12/31/2019 |
|
|
87,050 |
|
|
|
5,015 |
|
|
|
92,065 |
|
|
|
87,058 |
|
|
|
84,436 |
|
|
|
92,585 |
|
|
|
90,046 |
|
|
Total Market Capitalization |
|
$ |
3,460,388 |
|
3 |
100% |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
__________
|
|
1. |
Reflects debt net of Core Portfolio cash of $11,771 and pro-rata share of Funds cash of $3,482 for total cash netted against debt of $15,253. |
|
|
|
|
|
2. |
Represents 188 Series A and 136,593 Series C Preferred OP Units convertible into 25,067 and 474,278 Common OP Units, respectively, multiplied by the Common Share price at quarter end. |
|
|
|
|
|
3. |
Market capitalization comprises (fixed-rate debt includes notional principal fixed through interest rate swap transactions): |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 1 |
|
||||||
|
CONSOLIDATED INCOME STATEMENT |
|
Quarter |
|
|
Year to Date |
|
||
|
Revenues |
|
|
|
|
|
|
|
|
|
Rental income 2 |
|
$ |
76,702 |
|
|
$ |
291,190 |
|
|
Other |
|
|
1,084 |
|
|
|
4,137 |
|
|
Total revenues |
|
|
77,786 |
|
|
|
295,327 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
32,636 |
|
|
|
125,443 |
|
|
General and administrative |
|
|
9,837 |
|
|
|
35,416 |
|
|
Real estate taxes |
|
|
9,635 |
|
|
|
39,315 |
|
|
Property operating |
|
|
13,888 |
|
|
|
51,153 |
|
|
Impairment charges |
|
|
— |
|
|
|
1,721 |
|
|
Total operating expenses |
|
|
65,996 |
|
|
|
253,048 |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition of properties |
|
|
16,254 |
|
|
|
30,324 |
|
|
Operating income |
|
|
28,044 |
|
|
|
72,603 |
|
|
Equity in earnings of unconsolidated affiliates |
|
|
1,793 |
|
|
|
8,922 |
|
|
Interest income |
|
|
1,741 |
|
|
|
7,988 |
|
|
Other income |
|
|
— |
|
|
|
6,947 |
|
|
Interest expense |
|
|
(17,067 |
) |
|
|
(73,788 |
) |
|
Income from continuing operations before income taxes |
|
|
14,511 |
|
|
|
22,672 |
|
|
Income tax benefit (provision) |
|
|
154 |
|
|
|
(1,468 |
) |
|
Net income |
|
|
14,665 |
|
|
|
21,204 |
|
|
Net loss attributable to noncontrolling interests |
|
|
6,645 |
|
|
|
31,841 |
|
|
Net income attributable to Acadia |
|
$ |
21,310 |
|
|
$ |
53,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 1 |
|
|||||
|
CORE PORTFOLIO AND FUND INCOME |
|
Quarter |
|
|
Year to Date |
|
||
|
PROPERTY REVENUES |
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
54,799 |
|
|
$ |
211,548 |
|
|
Percentage rents |
|
|
96 |
|
|
|
474 |
|
|
Expense reimbursements - CAM 2 |
|
|
7,297 |
|
|
|
24,201 |
|
|
Expense reimbursements - Taxes 2 |
|
|
7,454 |
|
|
|
31,791 |
|
|
Other property income |
|
|
736 |
|
|
|
2,655 |
|
|
Total Property Revenues |
|
|
70,382 |
|
|
|
270,669 |
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY EXPENSES |
|
|
|
|
|
|
|
|
|
Property operating - CAM |
|
|
11,197 |
|
|
|
40,482 |
|
|
Other property operating (Non-CAM) |
|
|
2,764 |
|
|
|
10,460 |
|
|
Real estate taxes |
|
|
9,635 |
|
|
|
39,315 |
|
|
Total Property Expenses |
|
|
23,596 |
|
|
|
90,257 |
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING INCOME - PROPERTIES |
|
|
46,786 |
|
|
|
180,412 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,741 |
|
|
|
7,988 |
|
|
Straight-line rent income (expense) |
|
|
(414 |
) |
|
|
3,423 |
|
|
Above/below-market rent income (expense) |
|
|
7,869 |
|
|
|
20,651 |
|
|
Interest expense 3 |
|
|
(14,438 |
) |
|
|
(62,933 |
) |
|
Amortization of finance costs |
|
|
(1,808 |
) |
|
|
(7,577 |
) |
|
Above/below-market interest income (expense) |
|
|
26 |
|
|
|
104 |
|
|
Asset and property management income (expense) |
|
|
(120 |
) |
|
|
(484 |
) |
|
Other income (expense) |
|
|
(89 |
) |
|
|
239 |
|
|
Finance lease interest expense |
|
|
(847 |
) |
|
|
(3,382 |
) |
|
Impairment of asset |
|
|
— |
|
|
|
(1,721 |
) |
|
CORE PORTFOLIO AND FUND INCOME |
|
|
38,706 |
|
|
|
136,720 |
|
|
|
|
|
|
|
|
|
|
|
|
FEE INCOME |
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
|
221 |
|
|
|
865 |
|
|
Net promote and other transactional income |
|
|
— |
|
|
|
6,619 |
|
|
Transactional fees 4 |
|
|
10 |
|
|
|
81 |
|
|
Income tax provision |
|
|
154 |
|
|
|
(1,468 |
) |
|
Total Fee Income |
|
|
385 |
|
|
|
6,097 |
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative |
|
|
(9,837 |
) |
|
|
(35,416 |
) |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
(32,522 |
) |
|
|
(124,986 |
) |
|
Non-real estate depreciation and amortization |
|
|
(114 |
) |
|
|
(457 |
) |
|
Gain on disposition of properties |
|
|
16,254 |
|
|
|
30,324 |
|
|
Income before equity in earnings and noncontrolling interests |
|
|
12,872 |
|
|
|
12,282 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates |
|
|
1,793 |
|
|
|
8,922 |
|
|
Noncontrolling interests |
|
|
6,645 |
|
|
|
31,841 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ACADIA |
|
$ |
21,310 |
|
|
$ |
53,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2019 |
|
|
Year to Date December 31, 2019 |
|
||||||||||
|
CORE PORTFOLIO AND FUND INCOME |
|
Noncontrolling Interest in Consolidated Subsidiaries 5 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 6 |
|
|
Noncontrolling Interest in Consolidated Subsidiaries 5 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 6 |
|
||||
|
PROPERTY REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
(22,021 |
) |
|
$ |
11,472 |
|
|
$ |
(80,802 |
) |
|
$ |
40,618 |
|
|
Percentage rents |
|
|
(120 |
) |
|
|
98 |
|
|
|
(382 |
) |
|
|
239 |
|
|
Expense reimbursements - CAM 2 |
|
|
(3,348 |
) |
|
|
1,311 |
|
|
|
(10,429 |
) |
|
|
3,967 |
|
|
Expense reimbursements - Taxes 2 |
|
|
(2,367 |
) |
|
|
1,876 |
|
|
|
(8,804 |
) |
|
|
7,364 |
|
|
Other property income |
|
|
(422 |
) |
|
|
57 |
|
|
|
(1,236 |
) |
|
|
327 |
|
|
Total Property Revenues |
|
|
(28,278 |
) |
|
|
14,814 |
|
|
|
(101,653 |
) |
|
|
52,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM |
|
|
(5,722 |
) |
|
|
1,538 |
|
|
|
(20,681 |
) |
|
|
3,990 |
|
|
Other property operating (Non-CAM) |
|
|
(1,658 |
) |
|
|
325 |
|
|
|
(5,617 |
) |
|
|
885 |
|
|
Real estate taxes |
|
|
(3,565 |
) |
|
|
2,202 |
|
|
|
(12,962 |
) |
|
|
8,198 |
|
|
Total Property Expenses |
|
|
(10,945 |
) |
|
|
4,065 |
|
|
|
(39,260 |
) |
|
|
13,073 |
|
|
NET OPERATING INCOME - PROPERTIES |
|
|
(17,333 |
) |
|
|
10,749 |
|
|
|
(62,393 |
) |
|
|
39,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(310 |
) |
|
|
— |
|
|
|
(2,453 |
) |
|
|
119 |
|
|
Straight-line rent income (expense) |
|
|
(794 |
) |
|
|
180 |
|
|
|
(3,265 |
) |
|
|
1,161 |
|
|
Above/below-market rent income (expense) |
|
|
(5,043 |
) |
|
|
223 |
|
|
|
(7,276 |
) |
|
|
1,318 |
|
|
Interest expense 3 |
|
|
8,404 |
|
|
|
(2,890 |
) |
|
|
37,492 |
|
|
|
(10,746 |
) |
|
Amortization of finance costs |
|
|
1,282 |
|
|
|
(238 |
) |
|
|
5,494 |
|
|
|
(896 |
) |
|
Above/below-market interest income (expense) |
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
84 |
|
|
Asset and property management income (expense) |
|
|
300 |
|
|
|
(375 |
) |
|
|
866 |
|
|
|
(1,132 |
) |
|
Other income (expense) |
|
|
(122 |
) |
|
|
3 |
|
|
|
(303 |
) |
|
|
30 |
|
|
Finance lease interest expense |
|
|
65 |
|
|
|
— |
|
|
|
261 |
|
|
|
— |
|
|
Impairment of asset |
|
|
— |
|
|
|
— |
|
|
|
1,326 |
|
|
|
— |
|
|
CORE PORTFOLIO AND FUND INCOME |
|
|
(13,551 |
) |
|
|
7,673 |
|
|
|
(30,251 |
) |
|
|
29,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FEE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
|
4,092 |
|
|
|
137 |
|
|
|
16,269 |
|
|
|
454 |
|
|
Promote income from funds, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net promote and other transactional income |
|
|
— |
|
|
|
— |
|
|
|
(4,886 |
) |
|
|
— |
|
|
Transactional fees 4 |
|
|
1,268 |
|
|
|
71 |
|
|
|
6,038 |
|
|
|
424 |
|
|
Income tax provision |
|
|
(190 |
) |
|
|
(2 |
) |
|
|
193 |
|
|
|
(16 |
) |
|
Total Fee Income |
|
|
5,170 |
|
|
|
206 |
|
|
|
17,614 |
|
|
|
862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative |
|
|
526 |
|
|
|
(18 |
) |
|
|
1,803 |
|
|
|
(426 |
) |
|
Depreciation and amortization |
|
|
15,374 |
|
|
|
(6,068 |
) |
|
|
56,510 |
|
|
|
(20,894 |
) |
|
Non-real estate depreciation and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on disposition of properties |
|
|
390 |
|
|
|
— |
|
|
|
(10,539 |
) |
|
|
— |
|
|
Income before equity in earnings and noncontrolling interests |
|
|
7,909 |
|
|
|
1,793 |
|
|
|
35,137 |
|
|
|
8,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Noncontrolling interests 7 |
|
|
(1,264 |
) |
|
|
— |
|
|
|
(3,296 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO ACADIA |
|
$ |
6,645 |
|
|
$ |
1,793 |
|
|
$ |
31,841 |
|
|
$ |
8,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
ASSETS |
|
Consolidated Balance Sheet |
|
|
Line Item Details: |
|
||||
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
756,297 |
|
|
The components of Real estate under development, at cost are as follows: |
|
|||
|
Buildings and improvements |
|
|
2,914,165 |
|
|
Core |
|
$ |
60,863 |
|
|
Construction in progress |
|
|
13,617 |
|
|
Fund II |
|
|
10,703 |
|
|
Right-of-use assets - finance leases 8 |
|
|
102,055 |
|
|
Fund III |
|
|
36,240 |
|
|
Right-of-use assets - operating leases 8 |
|
|
60,006 |
|
|
Fund IV |
|
|
145,596 |
|
|
|
|
|
3,846,140 |
|
|
Total |
|
$ |
253,402 |
|
|
Less: Accumulated depreciation and amortization |
|
|
(490,227 |
) |
|
|
|
|
|
|
|
Operating real estate, net |
|
|
3,355,913 |
|
|
Summary of other assets, net: |
|
|
|
|
|
Real estate under development |
|
|
253,402 |
|
|
Deferred charges, net |
|
$ |
28,746 |
|
|
Net investments in real estate |
|
|
3,609,315 |
|
|
Prepaid expenses |
|
|
18,873 |
|
|
Notes receivable, net |
|
|
114,943 |
|
|
Accrued interest receivable |
|
|
9,872 |
|
|
Investments in and advances to unconsolidated affiliates |
|
|
305,097 |
|
|
Derivative financial instruments |
|
|
2,583 |
|
|
Lease intangibles, net |
|
|
116,820 |
|
|
Other receivables |
|
|
3,996 |
|
|
Other assets, net |
|
|
73,838 |
|
|
Deposits |
|
|
1,853 |
|
|
Cash and cash equivalents |
|
|
15,845 |
|
|
Due from seller |
|
|
3,682 |
|
|
Restricted cash |
|
|
14,165 |
|
|
Income taxes receivable |
|
|
1,755 |
|
|
Straight-line rents receivable, net |
|
|
43,618 |
|
|
Corporate assets, net |
|
|
1,565 |
|
|
Rents receivable |
|
|
15,473 |
|
|
Deferred tax assets |
|
|
913 |
|
|
Total Assets |
|
$ |
4,309,114 |
|
|
Total |
|
$ |
73,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
1,170,076 |
|
|
Summary of accounts payable and other liabilities: |
|
|
|
|
|
Unsecured notes payable, net |
|
|
477,320 |
|
|
Lease liability - finance leases, net 8 |
|
$ |
77,657 |
|
|
Unsecured line of credit |
|
|
60,800 |
|
|
Lease liability - operating leases, net 8 |
|
|
56,762 |
|
|
Accounts payable and other liabilities |
|
|
288,590 |
|
|
Accounts payable and accrued expenses |
|
|
68,838 |
|
|
Lease intangibles, net |
|
|
82,926 |
|
|
Deferred income |
|
|
33,682 |
|
|
Dividends and distributions payable |
|
|
27,075 |
|
|
Tenant security deposits, escrow and other |
|
|
12,590 |
|
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
15,362 |
|
|
Derivative financial instruments |
|
|
39,061 |
|
|
Total Liabilities |
|
|
2,122,149 |
|
|
Total |
|
$ |
288,590 |
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
87 |
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
1,706,357 |
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
(31,175 |
) |
|
|
|
|
|
|
|
Distributions in excess of accumulated earnings |
|
|
(132,961 |
) |
|
|
|
|
|
|
|
Total equity |
|
|
1,542,308 |
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
644,657 |
|
|
|
|
|
|
|
|
Total Shareholders' Equity |
|
|
2,186,965 |
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
4,309,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
Noncontrolling Interest in Consolidated Subsidiaries 5 |
|
|
Company’s Interest in Unconsolidated Subsidiaries 6 |
|
|||
|
Real estate |
|
|
|
|
|
|
|
|
|
Land |
|
$ |
(191,584 |
) |
|
$ |
92,111 |
|
|
Buildings and improvements |
|
|
(1,009,795 |
) |
|
|
370,794 |
|
|
Construction in progress |
|
|
(7,832 |
) |
|
|
841 |
|
|
Right-of-use assets - finance leases 8 |
|
|
(4,129 |
) |
|
|
24,523 |
|
|
Right-of-use assets - operating leases 8 |
|
|
(37,179 |
) |
|
|
— |
|
|
|
|
|
(1,250,519 |
) |
|
|
488,269 |
|
|
Less: Accumulated depreciation and amortization |
|
|
88,246 |
|
|
|
(74,581 |
) |
|
Operating real estate, net |
|
|
(1,162,273 |
) |
|
|
413,688 |
|
|
Real estate under development |
|
|
(147,112 |
) |
|
|
1,062 |
|
|
Net investments in real estate |
|
|
(1,309,385 |
) |
|
|
414,750 |
|
|
Notes receivable, net |
|
|
(28,248 |
) |
|
|
— |
|
|
Investments in and advances to unconsolidated affiliates |
|
|
(63,257 |
) |
|
|
(239,504 |
) |
|
Lease intangibles, net |
|
|
(44,435 |
) |
|
|
11,379 |
|
|
Other assets, net |
|
|
7,928 |
|
|
|
3,354 |
|
|
Cash and cash equivalents |
|
|
(6,886 |
) |
|
|
6,294 |
|
|
Restricted cash |
|
|
(10,212 |
) |
|
|
1,233 |
|
|
Straight-line rents receivable, net |
|
|
(14,565 |
) |
|
|
5,957 |
|
|
Rents receivable |
|
|
(3,992 |
) |
|
|
2,936 |
|
|
Total Assets |
|
$ |
(1,473,052 |
) |
|
$ |
206,399 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Mortgage and other notes payable, net |
|
$ |
(735,525 |
) |
|
$ |
179,497 |
|
|
Unsecured notes payable, net |
|
|
(96,031 |
) |
|
|
(3 |
) |
|
Unsecured line of credit |
|
|
— |
|
|
|
— |
|
|
Accounts payable and other liabilities |
|
|
(97,555 |
) |
|
|
32,456 |
|
|
Lease intangibles, net |
|
|
(22,664 |
) |
|
|
9,811 |
|
|
Lease liability - finance leases |
|
|
— |
|
|
|
— |
|
|
Lease liability - operating leases |
|
|
— |
|
|
|
— |
|
|
Dividends and distributions payable |
|
|
— |
|
|
|
— |
|
|
Distributions in excess of income from, and investments in, unconsolidated affiliates |
|
|
— |
|
|
|
(15,362 |
) |
|
Total Liabilities |
|
|
(951,775 |
) |
|
|
206,399 |
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Common shares |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
— |
|
|
|
— |
|
|
Accumulated other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
Distributions in excess of accumulated earnings |
|
|
— |
|
|
|
— |
|
|
Total equity |
|
|
— |
|
|
|
— |
|
|
Noncontrolling interests |
|
|
(521,277 |
) |
|
|
— |
|
|
Total Shareholders' Equity |
|
|
(521,277 |
) |
|
|
— |
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
(1,473,052 |
) |
|
$ |
206,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
__________
Notes to income statements, balance sheet and pro rata adjustments:
|
|
1. |
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods. |
|
|
3. |
Net of capitalized interest of $4.2 million for the quarter and $12.6 million for the year ended December 31, 2019. |
|
|
4. |
Consists of development, construction, leasing and legal fees. |
|
|
5. |
Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities. |
|
|
6. |
Represents the Company’s share of co-investment partnerships’ activities, of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP. |
|
|
7. |
Adjustment to noncontrolling interests exclude income allocable to Operating Partnership Units of $1.3 million for the quarter and $3.3 million for the year ended December 31, 2019. |
|
|
8. |
Effective January 1, 2019, the Company established right-of-use assets and corresponding lease liabilities associated with its leases payable in accordance with Accounting Standards Codification 842, Leases. For more information about the implementation of ASC 842, please refer to the Company’s current Annual Report on Form 10-K. |
|
|
9. |
The Company currently invests in Funds II, III, IV & V and Mervyns II which are consolidated within the Company's financial statements. |
|
|
1. |
|
|
10 |
|
|
|
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||||
|
|
|
March 31, 2019 |
|
|
June 30, 2019 |
|
|
September 30, 2019 |
|
|
December 31, 2019 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
December 31, 2018 |
|
|||||||
|
Funds from operations ("FFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
12,197 |
|
|
$ |
9,080 |
|
|
$ |
10,458 |
|
|
$ |
21,310 |
|
|
$ |
53,045 |
|
|
$ |
7,130 |
|
|
$ |
31,439 |
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
|
|
21,999 |
|
|
|
21,722 |
|
|
|
22,436 |
|
|
|
23,216 |
|
|
|
89,373 |
|
|
|
22,040 |
|
|
|
85,852 |
|
|
Gain on disposition of depreciable properties (net of noncontrolling interest share) |
|
|
(384 |
) |
|
|
— |
|
|
|
(2,758 |
) |
|
|
(16,644 |
) |
|
|
(19,786 |
) |
|
|
— |
|
|
|
(994 |
) |
|
Impairment charge |
|
|
— |
|
|
|
321 |
|
|
|
74 |
|
|
|
— |
|
|
|
395 |
|
|
|
— |
|
|
|
— |
|
|
Income attributable to noncontrolling interests' share in Operating Partnership |
|
|
930 |
|
|
|
722 |
|
|
|
784 |
|
|
|
1,399 |
|
|
|
3,835 |
|
|
|
597 |
|
|
|
2,573 |
|
|
FFO to Common Shareholders and Common OP Unit holders |
|
$ |
34,742 |
|
|
$ |
31,845 |
|
|
$ |
30,994 |
|
|
$ |
29,281 |
|
|
$ |
126,862 |
|
|
$ |
29,767 |
|
|
$ |
118,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,036 |
|
|
|
2,036 |
|
|
FFO before Special Item |
|
$ |
34,742 |
|
|
$ |
31,845 |
|
|
$ |
30,994 |
|
|
$ |
29,281 |
|
|
$ |
126,862 |
|
|
$ |
31,803 |
|
|
$ |
120,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Funds from operations ("AFFO"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO |
|
$ |
34,742 |
|
|
$ |
31,845 |
|
|
$ |
30,994 |
|
|
$ |
29,281 |
|
|
$ |
126,862 |
|
|
$ |
29,767 |
|
|
$ |
118,870 |
|
|
Straight-line rent, net |
|
|
(498 |
) |
|
|
(1,181 |
) |
|
|
(668 |
) |
|
|
1,028 |
|
|
|
(1,319 |
) |
|
|
(1,009 |
) |
|
|
(4,890 |
) |
|
Above/(below)-market rent |
|
|
(7,523 |
) |
|
|
(2,271 |
) |
|
|
(1,850 |
) |
|
|
(3,049 |
) |
|
|
(14,693 |
) |
|
|
(4,941 |
) |
|
|
(11,406 |
) |
|
Amortization of finance costs |
|
|
696 |
|
|
|
786 |
|
|
|
733 |
|
|
|
764 |
|
|
|
2,979 |
|
|
|
661 |
|
|
|
2,492 |
|
|
Above/below-market interest |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(47 |
) |
|
|
(188 |
) |
|
|
(47 |
) |
|
|
(188 |
) |
|
Non-real estate depreciation |
|
|
117 |
|
|
|
114 |
|
|
|
112 |
|
|
|
114 |
|
|
|
457 |
|
|
|
119 |
|
|
|
506 |
|
|
Stock-based compensation 1 |
|
|
3,278 |
|
|
|
1,776 |
|
|
|
1,709 |
|
|
|
3,388 |
|
|
|
10,151 |
|
|
|
4,003 |
|
|
|
11,817 |
|
|
Leasing commissions |
|
|
(537 |
) |
|
|
(584 |
) |
|
|
(312 |
) |
|
|
(221 |
) |
|
|
(1,654 |
) |
|
|
(713 |
) |
|
|
(1,877 |
) |
|
Tenant improvements |
|
|
(1,810 |
) |
|
|
(1,834 |
) |
|
|
(450 |
) |
|
|
(1,505 |
) |
|
|
(5,599 |
) |
|
|
(2,896 |
) |
|
|
(10,076 |
) |
|
Maintenance capital expenditures |
|
|
(527 |
) |
|
|
(231 |
) |
|
|
(1,220 |
) |
|
|
(1,735 |
) |
|
|
(3,713 |
) |
|
|
(574 |
) |
|
|
(3,154 |
) |
|
AFFO to Common Shareholders and Common OP Unit holders |
|
$ |
27,891 |
|
|
$ |
28,373 |
|
|
$ |
29,001 |
|
|
$ |
28,018 |
|
|
$ |
113,283 |
|
|
$ |
24,370 |
|
|
$ |
102,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted-average diluted shares and OP Units |
|
|
87,969 |
|
|
|
89,530 |
|
|
|
90,683 |
|
|
|
92,585 |
|
|
|
90,046 |
|
|
|
87,212 |
|
|
|
87,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
0.39 |
|
|
$ |
0.36 |
|
|
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
1.41 |
|
|
$ |
0.34 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO before special item |
|
$ |
0.39 |
|
|
$ |
0.36 |
|
|
$ |
0.34 |
|
|
$ |
0.32 |
|
|
$ |
1.41 |
|
|
$ |
0.36 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
1. |
Amounts for prior periods have been updated to include adjustments for stock-based compensation. |
|
|
11 |
|
|
|
|
Quarter Ended December 31, 2019 |
|
|
Year to Date December 31, 2019 |
|
||||||||||||||||||
|
|
Core |
|
|
|
|
|
|
|
|
|
|
Core |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Portfolio |
|
|
Funds |
|
|
Total |
|
|
Portfolio |
|
|
Funds |
|
|
Total |
|
||||||
|
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Acadia |
|
$ |
22,012 |
|
|
$ |
(702 |
) |
|
$ |
21,310 |
|
|
$ |
55,961 |
|
|
$ |
(2,916 |
) |
|
$ |
53,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
18,936 |
|
|
|
4,394 |
|
|
|
23,330 |
|
|
|
73,561 |
|
|
|
16,266 |
|
|
|
89,827 |
|
|
Interest expense |
|
|
6,860 |
|
|
|
2,064 |
|
|
|
8,924 |
|
|
|
26,560 |
|
|
|
9,627 |
|
|
|
36,187 |
|
|
Amortization of finance costs |
|
|
389 |
|
|
|
375 |
|
|
|
764 |
|
|
|
1,371 |
|
|
|
1,608 |
|
|
|
2,979 |
|
|
Above/below-market interest |
|
|
(47 |
) |
|
|
— |
|
|
|
(47 |
) |
|
|
(188 |
) |
|
|
— |
|
|
|
(188 |
) |
|
Gain on disposition of properties |
|
|
(16,771 |
) |
|
|
127 |
|
|
|
(16,644 |
) |
|
|
(16,771 |
) |
|
|
(3,015 |
) |
|
|
(19,786 |
) |
|
Provision (benefit) for income taxes |
|
|
100 |
|
|
|
(62 |
) |
|
|
38 |
|
|
|
1,215 |
|
|
|
76 |
|
|
|
1,291 |
|
|
Impairment charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
395 |
|
|
|
395 |
|
|
Noncontrolling interest - OP |
|
|
1,264 |
|
|
|
— |
|
|
|
1,264 |
|
|
|
3,296 |
|
|
|
— |
|
|
|
3,296 |
|
|
EBITDA |
|
$ |
32,743 |
|
|
$ |
6,196 |
|
|
$ |
38,939 |
|
|
$ |
145,005 |
|
|
$ |
22,041 |
|
|
$ |
167,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
Quarter Ended |
|
|
Change |
|
|
Year to Date |
|
|
Change |
|
|||||||||||||
|
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Favorable/ (Unfavorable) |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Favorable/ (Unfavorable) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents |
|
$ |
32,449 |
|
|
$ |
31,554 |
|
|
|
2.8 |
% |
|
$ |
129,036 |
|
|
$ |
125,674 |
|
|
|
2.7 |
% |
|
Expense reimbursements |
|
|
9,278 |
|
|
|
9,646 |
|
|
|
(3.8 |
)% |
|
|
37,760 |
|
|
|
36,770 |
|
|
|
2.7 |
% |
|
Other property income |
|
|
185 |
|
|
|
279 |
|
|
|
(33.7 |
)% |
|
|
1,010 |
|
|
|
1,025 |
|
|
|
(1.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
41,912 |
|
|
|
41,479 |
|
|
|
1.0 |
% |
|
|
167,806 |
|
|
|
163,469 |
|
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating - CAM & Real estate taxes |
|
|
10,421 |
|
|
|
10,845 |
|
|
|
3.9 |
% |
|
|
41,366 |
|
|
|
42,204 |
|
|
|
2.0 |
% |
|
Other property operating (Non-CAM) |
|
|
494 |
|
|
|
557 |
|
|
|
11.3 |
% |
|
|
2,510 |
|
|
|
1,955 |
|
|
|
(28.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
10,915 |
|
|
|
11,402 |
|
|
|
4.3 |
% |
|
|
43,876 |
|
|
|
44,159 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Property NOI - Core properties |
|
$ |
30,997 |
|
|
$ |
30,077 |
|
|
|
3.1 |
% |
|
$ |
123,930 |
|
|
$ |
119,310 |
|
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Core NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of Properties excluded from Same Property NOI |
|
|
4,575 |
|
|
|
3,392 |
|
|
|
|
|
|
|
16,312 |
|
|
|
14,235 |
|
|
|
|
|
|
Core NOI |
|
$ |
35,572 |
|
|
$ |
33,469 |
|
|
|
|
|
|
$ |
140,242 |
|
|
$ |
133,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other same property information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Physical Occupancy |
|
|
94.8 |
% |
|
|
95.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased Occupancy |
|
|
95.4 |
% |
|
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
1. |
The above amounts include the pro-rata activity related to the Company's Core consolidated and unconsolidated investments. |
|
|
13 |
|
|
|
Fund II |
|
|
Fund III |
|
|
Fund IV |
|
|
Fund V |
|
|
Other |
|
|
Total |
|
|||||||
|
Year to Date December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
2,181 |
|
|
$ |
1,925 |
|
|
$ |
4,903 |
|
|
$ |
7,749 |
|
|
$ |
830 |
|
|
$ |
17,588 |
|
|
Transactional fees |
|
|
726 |
|
|
|
1,087 |
|
|
|
2,383 |
|
|
|
2,269 |
|
|
|
78 |
|
|
|
6,543 |
|
|
Total fees |
|
$ |
2,907 |
|
|
$ |
3,012 |
|
|
$ |
7,286 |
|
|
$ |
10,018 |
|
|
$ |
908 |
|
|
$ |
24,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
552 |
|
|
$ |
444 |
|
|
$ |
1,163 |
|
|
$ |
2,086 |
|
|
$ |
205 |
|
|
$ |
4,450 |
|
|
Transactional fees |
|
|
133 |
|
|
|
163 |
|
|
|
517 |
|
|
|
531 |
|
|
|
5 |
|
|
|
1,349 |
|
|
Total fees |
|
$ |
685 |
|
|
$ |
607 |
|
|
$ |
1,680 |
|
|
$ |
2,617 |
|
|
$ |
210 |
|
|
$ |
5,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
537 |
|
|
$ |
481 |
|
|
$ |
1,211 |
|
|
$ |
1,967 |
|
|
$ |
189 |
|
|
$ |
4,385 |
|
|
Transactional fees |
|
|
312 |
|
|
|
406 |
|
|
|
781 |
|
|
|
644 |
|
|
|
6 |
|
|
|
2,149 |
|
|
Total fees |
|
$ |
849 |
|
|
$ |
887 |
|
|
$ |
1,992 |
|
|
$ |
2,611 |
|
|
$ |
195 |
|
|
$ |
6,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
542 |
|
|
$ |
490 |
|
|
$ |
1,250 |
|
|
$ |
1,859 |
|
|
$ |
250 |
|
|
$ |
4,391 |
|
|
Transactional fees |
|
|
173 |
|
|
|
210 |
|
|
|
627 |
|
|
|
604 |
|
|
|
57 |
|
|
|
1,671 |
|
|
Total fees |
|
$ |
715 |
|
|
$ |
700 |
|
|
$ |
1,877 |
|
|
$ |
2,463 |
|
|
$ |
307 |
|
|
$ |
6,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
550 |
|
|
$ |
510 |
|
|
$ |
1,279 |
|
|
$ |
1,837 |
|
|
$ |
186 |
|
|
$ |
4,362 |
|
|
Transactional fees |
|
|
108 |
|
|
|
308 |
|
|
|
458 |
|
|
|
490 |
|
|
|
10 |
|
|
|
1,374 |
|
|
Total fees |
|
$ |
658 |
|
|
$ |
818 |
|
|
$ |
1,737 |
|
|
$ |
2,327 |
|
|
$ |
196 |
|
|
$ |
5,736 |
|
|
|
14 |
|
|
|
Structured Financing Portfolio |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
|
September 30, 2019 |
|
|
Quarter Ended December 31, 2019 |
|
|
Stated |
|
|
Effective |
|
|
|
||||||||||||||||||||||||||||
|
|
|
Principal |
|
|
Accrued |
|
|
Ending |
|
|
|
|
|
|
Repayments/ |
|
|
Current |
|
|
Accrued |
|
|
Ending |
|
|
Interest |
|
|
Interest |
|
|
Maturity |
|||||||||
|
Investment |
|
Balance |
|
|
Interest |
|
|
Balance |
|
|
Advances |
|
|
Conversions |
|
|
Principal 1 |
|
|
Interest |
|
|
Balance |
|
|
Rate |
|
|
Rate |
|
|
Dates |
||||||||||
|
First mortgage notes |
|
$ |
56,475 |
|
|
$ |
4,723 |
|
|
$ |
61,198 |
|
|
$ |
13,530 |
|
|
$ |
— |
|
|
$ |
70,005 |
|
|
$ |
4,958 |
|
|
$ |
74,963 |
|
|
|
6.97 |
% |
|
|
6.98 |
% |
|
Apr-20 to Oct-21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other notes |
|
|
6,462 |
|
|
|
100 |
|
|
|
6,562 |
|
|
|
— |
|
|
|
— |
|
|
|
6,462 |
|
|
|
176 |
|
|
|
6,638 |
|
|
|
4.62 |
% |
|
|
4.66 |
% |
|
Apr-21 to Apr-26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core notes receivable |
|
$ |
62,937 |
|
|
$ |
4,823 |
|
|
$ |
67,760 |
|
|
$ |
13,530 |
|
|
$ |
— |
|
|
$ |
76,467 |
|
|
$ |
5,134 |
|
|
$ |
81,601 |
|
|
|
6.77 |
% |
|
|
6.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Reconciliation of Notes Receivable to the Consolidated Balance Sheet (Pro Rata): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total Notes Receivable per above |
|
|
$ |
76,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Pro-rata share of Fund loans |
|
|
|
10,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total Pro-rata Notes Receivable |
|
|
$ |
86,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
15 |
|
|
|
Transactional Activity |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
Fund
|
PROPERTY ACQUISTIONS AND DISPOSITIONS |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Key Tenants |
|
|
Date of Transaction |
|
Transaction Amount |
|
|
Ownership % 1 |
|
|
Fund Share |
|
|
Acadia Share |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
565 Broadway |
|
New York, NY |
|
Pink |
|
|
December 9, 2019 |
|
$ |
28,741 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
|
28,741 |
|
|
|
8436-8452 Melrose Place |
|
Los Angeles, CA |
|
The Row, Chloe, Violet Grey |
|
|
October 25, 2019 |
|
|
48,691 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
48,691 |
|
|
|
907, 849 & 912 W. Armitage Avenue |
|
Chicago, IL |
|
Marine Layer, Kiehl's |
|
|
December 11 and September 11, 2019 |
|
|
10,738 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
10,738 |
|
|
|
1238-1242 Wisconsin Avenue 3 |
|
Washington, DC |
|
|
— |
|
|
May 2, 2019 |
|
|
— |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
— |
|
|
41, 45, 47, 51 and 53 Greene Street - Soho Collection |
|
New York, NY |
|
Frame Denim, A.L.C., Stone Island, Theory |
|
|
March 15, March 27, May 29, July 30 and November 8, 2019 |
|
|
87,006 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
87,006 |
|
|
|
3104 M Street |
|
Washington, DC |
|
|
— |
|
|
January 24, 2019 |
|
|
10,681 |
|
|
|
20.00 |
% |
|
|
— |
|
|
|
2,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
185,857 |
|
|
|
|
|
|
|
— |
|
|
|
177,312 |
|
|
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110 University Place 4 |
|
New York, NY |
|
|
— |
|
|
April 30, 2019 |
|
|
10,536 |
|
|
|
100.00 |
% |
|
|
10,536 |
|
|
|
2,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund V: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frederick County Acquisitions |
|
Frederick County, MD |
|
Kmart, Kohl's, Best Buy |
|
|
August 21, 2019 |
|
|
54,870 |
|
|
|
90.00 |
% |
|
|
49,383 |
|
|
|
9,926 |
|
|
|
Landstown Commons |
|
Virginia Beach, VA |
|
Best Buy, Ross, Ulta |
|
|
August 2, 2019 |
|
|
86,961 |
|
|
|
100.00 |
% |
|
|
86,961 |
|
|
|
17,479 |
|
|
|
Lincoln Commons 5 |
|
Lincoln, RI |
|
Stop and Shop, Marshall's |
|
|
June 21, 2019 |
|
|
54,299 |
|
|
|
100.00 |
% |
|
|
54,299 |
|
|
|
10,914 |
|
|
|
Palm Coast Landing |
|
Palm Coast, FL |
|
TJ Maxx, Michaels, PetSmart |
|
|
May 6, 2019 |
|
|
36,644 |
|
|
|
100.00 |
% |
|
|
36,644 |
|
|
|
7,365 |
|
|
|
Tri-City Plaza |
|
Vernon, CT |
|
TJ Maxx, HomeGoods |
|
|
April 30, 2019 |
|
|
36,706 |
|
|
|
90.00 |
% |
|
|
33,035 |
|
|
|
6,640 |
|
|
|
Family Center at Riverdale |
|
Riverdale, UT |
|
Target |
|
|
March 19, 2019 |
|
|
48,549 |
|
|
|
90.00 |
% |
|
|
43,694 |
|
|
|
8,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318,029 |
|
|
|
|
|
|
|
304,016 |
|
|
|
61,106 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
514,422 |
|
|
|
|
|
|
$ |
314,552 |
|
|
$ |
240,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacesetter Park Plaza |
|
Pomona, NY |
|
|
|
|
|
October 28, 2019 |
|
$ |
22,550 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
22,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund III: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3104 M Street |
|
Washington, DC |
|
|
|
|
|
January 24, 2019 |
|
|
10,500 |
|
|
|
80.00 |
% |
|
|
8,400 |
|
|
|
2,061 |
|
|
Nostrand Avenue |
|
Brooklyn, NY |
|
|
|
|
|
August 22, 2019 |
|
|
27,650 |
|
|
|
100.00 |
% |
|
|
27,650 |
|
|
|
6,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
38,150 |
|
|
|
|
|
|
|
36,050 |
|
|
|
8,846 |
|
|
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
938 W. North Street |
|
Chicago, IL |
|
|
|
|
|
September 27, 2019 |
|
|
32,000 |
|
|
|
100.00 |
% |
|
|
32,000 |
|
|
|
7,398 |
|
|
210 Bowery (3 residential condo units) |
|
New York, NY |
|
|
|
|
|
May 15, September 23, November 7, 2019 |
|
|
8,826 |
|
|
|
100.00 |
% |
|
|
8,826 |
|
|
|
2,041 |
|
|
JFK Plaza |
|
Waterville, ME |
|
|
|
|
|
July 24, 2019 |
|
|
7,800 |
|
|
|
100.00 |
% |
|
|
7,800 |
|
|
|
1,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
48,626 |
|
|
|
|
|
|
|
48,626 |
|
|
|
11,242 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
109,326 |
|
|
|
|
|
|
$ |
84,676 |
|
|
$ |
42,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
Transactional Activity |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Description |
|
Transaction Type |
|
|
|
|
|
Date of Transaction |
|
Transaction Amount |
|
|
Ownership % 1 |
|
|
Fund Share |
|
|
Acadia Share |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacesetter Park Plaza |
|
First Mortgage |
|
|
|
|
|
October 28, 2019 |
|
$ |
13,530 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
13,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900 W. Randolph Note |
|
Redemption |
|
|
|
|
|
June 20, 2019 |
|
$ |
15,250 |
|
|
|
100.00 |
% |
|
$ |
15,250 |
|
|
$ |
3,526 |
|
________
|
|
1. |
Ownership percentages for Fund transactional activities represent the respective Fund’s ownership, not the Company’s proportionate share. |
|
|
2. |
Acquisition amounts include capitalized acquisition costs, where applicable. |
|
|
3. |
Property under ground lease which has been accounted for as a finance lease in the amount of $11.2 million. See “Development and Redevelopment Activity” page in this Supplemental Report. |
|
|
4. |
Property under ground lease which has been accounted for as an operating lease. Amount represents the price paid for the leasehold interest. See “Development and Redevelopment Activity” page in this Supplemental Report. |
|
|
5. |
Acquisition amount includes $1.6 million placed into escrow to cover potential contingent costs for selected tenants. |
|
|
|
|
|
17 |
|
|
|
|
2020 Guidance Forecast |
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
Low |
|
|
High |
|
|
2019 Actual 1 |
|
|||||||||||||||
|
(in $ millions, except per share amounts) |
$ Millions |
|
|
$/Share |
|
|
$ Millions |
|
|
$/Share |
|
|
$ Millions |
|
|
$/Share |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
$ |
22.0 |
|
|
$ |
0.25 |
|
|
$ |
34.7 |
|
|
$ |
0.39 |
|
|
$ |
53.0 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core property NOI |
|
$ |
141.5 |
|
|
|
|
|
|
$ |
143.5 |
|
|
|
|
|
|
$ |
140.2 |
|
|
|
|
|
|
Fund property NOI |
|
|
21.0 |
|
|
|
|
|
|
|
22.0 |
|
|
|
|
|
|
|
17.3 |
|
|
|
|
|
|
Straight-line and above/below market rents |
|
|
8.0 |
|
|
|
|
|
|
|
9.5 |
|
|
|
|
|
|
|
8.7 |
|
|
|
|
|
|
Interest income (Structured Finance Portfolio) |
|
|
8.0 |
|
|
|
|
|
|
|
9.0 |
|
|
|
|
|
|
|
5.7 |
|
|
|
|
|
|
Fund fee income, net |
|
|
21.0 |
|
|
|
|
|
|
|
23.5 |
|
|
|
|
|
|
|
22.8 |
|
|
|
|
|
|
Interest expense, net of capitalized interest 2 |
|
|
(48.0 |
) |
|
|
|
|
|
|
(49.0 |
) |
|
|
|
|
|
|
(42.3 |
) |
|
|
|
|
|
General and administrative |
|
|
(35.5 |
) |
|
|
|
|
|
|
(35.0 |
) |
|
|
|
|
|
|
(34.1 |
) |
|
|
|
|
|
Non-real estate depreciation and other expenses |
|
|
(0.5 |
) |
|
|
|
|
|
|
(1.0 |
) |
|
|
|
|
|
|
(0.6 |
) |
|
|
|
|
|
FFO, prior to transactional activity 3 |
|
$ |
115.5 |
|
|
$ |
1.25 |
|
|
$ |
122.5 |
|
|
$ |
1.32 |
|
|
$ |
117.7 |
|
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions and related fees |
|
|
|
|
|
|
0.01 |
|
|
|
|
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
Net Promote and other Core and Fund transactional income 4 |
|
|
|
|
|
|
0.06 |
|
|
|
|
|
|
|
0.10 |
|
|
|
1.7 |
|
|
|
0.02 |
|
|
Accelerated tenant recapture - GAAP Adjustments 5 |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
7.5 |
|
|
|
0.08 |
|
|
FFO |
|
|
|
|
|
$ |
1.32 |
|
|
|
|
|
|
$ |
1.46 |
|
|
$ |
126.9 |
|
|
$ |
1.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Guidance Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully diluted common shares - weighted average |
|
|
88.0 |
|
|
|
|
|
|
|
89.0 |
|
|
|
|
|
|
|
84.4 |
|
|
|
|
|
|
Fully diluted common shares and OP Units - weighted average |
|
|
92.6 |
|
|
|
|
|
|
|
92.6 |
|
|
|
|
|
|
|
90.0 |
|
|
|
|
|
|
Same property net operating income growth |
|
|
1.5 |
% |
|
|
|
|
|
|
2.5 |
% |
|
|
|
|
|
|
3.9 |
% |
|
|
|
|
|
Fund acquisitions |
|
$ |
200 |
|
|
|
|
|
|
$ |
600 |
|
|
|
|
|
|
$ |
318 |
|
|
|
|
|
__________
|
|
1. |
For a reconciliation of FFO per share to net income per share, please see the “2020 Guidance” section of the earnings release in Section I of this Supplemental Report. |
|
|
2. |
Inclusive of interest expense, amortization of finance costs, above and below market interest and capital lease interest. |
|
|
3. |
Before acquisition and gains/losses on sale or impairment of depreciated and non-operating assets. |
|
|
4. |
Represents net promote and other transactional activity. |
|
|
5. |
Includes amounts associated with the early recapture of below-market leases. |
|
|
18 |
|
|
|
|
CORE |
|
|
FUND II 2 |
|
|
FUND III |
|
|
FUND IV |
|
|
FUND V |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership Percentage |
|
N/A |
|
|
|
28.33 |
% |
|
|
24.54 |
% |
|
|
23.12 |
% |
|
|
20.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income 1, 2 |
|
$ |
35,572 |
|
|
N/A |
|
|
$ |
914 |
|
|
$ |
6,626 |
|
|
$ |
12,912 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Income) loss from properties sold or under contract |
|
|
(53 |
) |
|
N/A |
|
|
|
(45 |
) |
|
|
66 |
|
|
|
— |
|
|
|
(Income) loss from pre-stabilized assets, development and redevelopment projects 3, 4 |
|
|
(2,160 |
) |
|
N/A |
|
|
|
(869 |
) |
|
|
(575 |
) |
|
|
— |
|
|
|
Net Operating Income of stabilized assets |
|
$ |
33,359 |
|
|
N/A |
|
|
$ |
— |
|
|
$ |
6,117 |
|
|
$ |
12,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to Date (Pro Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-stabilized assets 3 |
|
$ |
20,526 |
|
|
N/A |
|
|
$ |
25,413 |
|
|
$ |
33,252 |
|
|
$ |
— |
|
|
|
Development and redevelopment projects 4 |
|
|
191,702 |
|
|
N/A |
|
|
|
7,432 |
|
|
|
38,853 |
|
|
|
— |
|
|
|
Total Costs to Date |
|
$ |
212,228 |
|
|
N/A |
|
|
$ |
32,845 |
|
|
$ |
72,105 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (Pro Rata) |
|
$ |
788,650 |
|
|
$ |
76,220 |
|
|
$ |
14,724 |
|
|
$ |
94,675 |
|
|
$ |
85,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance Lease (Pro Rata) |
|
$ |
120,914 |
|
|
$ |
1,535 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
__________
|
|
1. |
Does not include a full quarter of NOI for any assets purchased during the current quarter. See “Transactional Activity” page in this Supplemental Report for descriptions of those acquisitions. |
|
|
2. |
Fund II has been substantially liquidated except for its investment in City Point with pre-stabilized assets of $526.2 million and debt of $283.3 million. |
|
|
3. |
Pre-stabilized assets consist of the following projects for the Core Portfolio: 613-623 West Diversey; Fund III: 640 Broadway and Cortlandt Crossing; Fund IV: Paramus Plaza, 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue. |
|
|
4. |
See “Development and Redevelopment Activity” page in this Supplemental Report. |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Quarter Ended December 31, |
|
|
Year to Date December 31, |
|
|
|
|
Quarter Ended |
|
|||||||||||||||
|
COVERAGE RATIOS 1 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
LEVERAGE RATIOS |
|
December 31, 2019 |
|
|
September 30, 2019 |
|
||||||
|
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/Market Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA 2 divided by: |
|
$ |
32,743 |
|
|
$ |
37,480 |
|
|
$ |
145,005 |
|
|
$ |
143,290 |
|
|
Debt + Preferred Equity (Preferred O.P. Units) |
|
$ |
1,073,143 |
|
|
$ |
1,002,963 |
|
|
Interest expense |
|
|
6,860 |
|
|
|
6,736 |
|
|
|
26,560 |
|
|
|
26,245 |
|
|
Total Market Capitalization |
|
|
3,460,388 |
|
|
|
3,624,178 |
|
|
Principal Amortization |
|
|
1,036 |
|
|
|
914 |
|
|
|
3,053 |
|
|
|
3,808 |
|
|
Debt + Preferred Equity/ |
|
|
|
|
|
|
|
|
|
Preferred Dividends 3 |
|
|
1,264 |
|
|
|
135 |
|
|
|
3,295 |
|
|
|
540 |
|
|
Total Market Capitalization |
|
|
31 |
% |
|
|
28 |
% |
|
Fixed-Charge Coverage Ratio - Core Portfolio |
|
|
3.6 |
x |
|
|
4.8 |
x |
|
|
4.4 |
x |
|
|
4.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA divided by: |
|
$ |
38,939 |
|
|
$ |
41,761 |
|
|
$ |
167,046 |
|
|
$ |
159,672 |
|
|
Debt 6 |
|
$ |
1,057,890 |
|
|
$ |
977,486 |
|
|
Interest expense |
|
|
8,924 |
|
|
|
9,299 |
|
|
|
36,187 |
|
|
|
35,559 |
|
|
Total Market Capitalization |
|
|
3,460,388 |
|
|
|
3,624,178 |
|
|
Principal Amortization |
|
|
1,230 |
|
|
|
1,140 |
|
|
|
3,717 |
|
|
|
4,765 |
|
|
Net Debt + Preferred Equity/ |
|
|
|
|
|
|
|
|
|
Preferred Dividends |
|
|
1,264 |
|
|
|
135 |
|
|
|
3,295 |
|
|
|
540 |
|
|
Total Market Capitalization |
|
|
31 |
% |
|
|
27 |
% |
|
Fixed-Charge Coverage Ratio - Core Portfolio and Funds |
|
|
3.4 |
x |
|
|
3.9 |
x |
|
|
3.9 |
x |
|
|
3.9 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payout Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/EBITDA Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared (per share/OP Unit) |
|
$ |
0.29 |
|
|
$ |
0.28 |
|
|
$ |
1.13 |
|
|
$ |
1.09 |
|
|
Debt |
|
$ |
788,650 |
|
|
$ |
728,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
145,005 |
|
|
|
151,106 |
|
|
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
27,049 |
|
|
$ |
24,455 |
|
|
$ |
103,439 |
|
|
$ |
95,888 |
|
|
Debt/EBITDA - Core Portfolio |
|
|
5.4 |
x |
|
|
4.8 |
x |
|
FFO |
|
|
29,281 |
|
|
|
29,767 |
|
|
|
126,862 |
|
|
|
118,870 |
|
|
|
|
|
|
|
|
|
|
|
|
FFO Payout Ratio |
|
|
92 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
81 |
% |
|
Debt 5 |
|
$ |
776,879 |
|
|
$ |
712,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
145,005 |
|
|
|
151,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt/EBITDA - Core Portfolio |
|
|
5.4 |
x |
|
|
4.7 |
x |
|
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
27,049 |
|
|
$ |
24,455 |
|
|
$ |
103,439 |
|
|
$ |
95,888 |
|
|
|
|
|
|
|
|
|
|
|
|
AFFO 7 |
|
|
28,018 |
|
|
|
24,370 |
|
|
|
113,283 |
|
|
|
102,094 |
|
|
Debt 4 |
|
$ |
1,060,195 |
|
|
$ |
988,692 |
|
|
AFFO Payout Ratio |
|
|
97 |
% |
|
|
100 |
% |
|
|
91 |
% |
|
|
94 |
% |
|
EBITDA |
|
|
167,046 |
|
|
|
172,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt/EBITDA - Core Portfolio and Funds |
|
|
6.3 |
x |
|
|
5.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt 6 |
|
$ |
1,044,942 |
|
|
$ |
963,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
167,046 |
|
|
|
172,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt/EBITDA - Core Portfolio and Funds |
|
|
6.3 |
x |
|
|
5.6 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
__________
|
|
1. |
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures. |
|
|
2. |
See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia. |
|
|
3. |
Represents preferred distributions on Preferred Operating partnership Units. |
|
|
4. |
Includes the Company's pro-rata share of consolidated and unconsolidated joint venture debt. Excludes capital lease obligations. |
|
|
5. |
Reflects debt net of the current Core Portfolio cash balance at end of period. |
|
|
6. |
Reflects debt net of the current Core Portfolio and pro-rata share of the Funds cash balance at end of period. |
|
|
7. |
Prior periods updated to include an adjustment for stock-based compensation, see Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) for a reconciliation of AFFO to net income attributable to Acadia. |
|
|
21 |
|
|
|
|
Acadia Pro-Rata Share of Debt 2 |
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Core Portfolio |
|
|
Funds |
|
|
Total |
|
|
Reconciliation to Consolidated Debt as Reported |
|
||||||||||||||||||||||||||||||||||||||||
|
Unsecured Debt |
|
Principal Balance |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Principal Balance |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Principal Balance |
|
|
% |
|
|
Interest Rate |
|
|
WA Years to Maturity 6 |
|
|
Add: Noncontrolling Interest Share of Debt 3 |
|
|
Less: Pro-rata Share of Unconsolidated Debt 4 |
|
|
Acadia Consolidated Debt as Reported |
|
|||||||||||||
|
Fixed-Rate Debt 1 |
|
$ |
410,800 |
|
|
|
3.4 |
% |
|
|
3.1 |
|
|
$ |
17,377 |
|
|
|
— |
|
|
|
— |
|
|
$ |
428,177 |
|
|
|
40 |
% |
|
|
3.2 |
% |
|
|
3.0 |
|
|
$ |
52,823 |
|
|
$ |
— |
|
|
$ |
481,000 |
|
|
Variable-Rate Debt 5 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,214 |
|
|
|
7.9 |
% |
|
|
2.7 |
|
|
|
14,214 |
|
|
|
1 |
% |
|
|
7.9 |
% |
|
|
2.7 |
|
|
|
43,211 |
|
|
|
— |
|
|
|
57,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage and Other Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt 1 |
|
|
344,946 |
|
|
|
4.2 |
% |
|
|
6.4 |
|
|
|
172,178 |
|
|
|
4.3 |
% |
|
|
2.8 |
|
|
|
517,124 |
|
|
|
50 |
% |
|
|
4.2 |
% |
|
|
5.2 |
|
|
|
543,883 |
|
|
|
(138,683 |
) |
|
|
922,324 |
|
|
Variable-Rate Debt 5 |
|
|
32,904 |
|
|
|
3.4 |
% |
|
|
3.6 |
|
|
|
67,776 |
|
|
|
2.8 |
% |
|
|
0.9 |
|
|
|
100,680 |
|
|
|
9 |
% |
|
|
3.0 |
% |
|
|
1.8 |
|
|
|
198,370 |
|
|
|
(41,871 |
) |
|
|
257,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
788,650 |
|
|
|
3.7 |
% |
|
|
4.6 |
|
|
$ |
271,545 |
|
|
|
3.9 |
% |
|
|
2.2 |
|
|
$ |
1,060,195 |
|
|
|
100 |
% |
|
|
3.8 |
% |
|
|
4.0 |
|
|
$ |
838,287 |
|
|
$ |
(180,554 |
) |
|
|
1,717,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
651 |
|
|
Net unamortized loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,383 |
) |
|||
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,708,196 |
|
_________
|
|
1. |
Fixed-rate debt includes notional principal fixed through swap transactions. |
|
|
2. |
Represents the Company's pro-rata share of debt based on its percent ownership. |
|
|
3. |
Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership. |
|
|
4. |
Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership. |
|
|
5. |
Variable rate debt includes certain borrowings that are subject to interest rate cap agreements. |
|
|
6. |
Based on debt maturity date without regard to swap expirations or available extension options. |
|
|
|
|
22 |
|
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
|
Extension |
|||||||
|
|
|
|
December 31, 2019 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
|
Maturity |
|
Options |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brandywine 2 |
|
|
|
$ |
26,250 |
|
|
|
22.22 |
% |
|
$ |
5,833 |
|
|
6.00% |
|
|
07/01/16 |
|
None |
|
|
163 Highland Avenue |
|
|
|
|
8,582 |
|
|
|
100.00 |
% |
|
|
8,582 |
|
|
4.66% |
|
|
02/01/24 |
|
None |
|
|
Crossroads Shopping Center |
|
|
|
|
64,943 |
|
|
|
49.00 |
% |
|
|
31,822 |
|
|
3.94% |
|
|
10/06/24 |
|
None |
|
|
555 9th Street |
|
|
|
|
60,000 |
|
|
|
100.00 |
% |
|
|
60,000 |
|
|
3.99% |
|
|
01/01/25 |
|
None |
|
|
840 N. Michigan |
|
|
|
|
73,500 |
|
|
|
88.43 |
% |
|
|
64,996 |
|
|
4.36% |
|
|
02/10/25 |
|
None |
|
|
Georgetown Portfolio (2008 Investment) |
|
|
|
|
16,152 |
|
|
|
50.00 |
% |
|
|
8,076 |
|
|
4.72% |
|
|
12/10/27 |
|
None |
|
|
State & Washington |
|
|
|
|
23,881 |
|
|
|
100.00 |
% |
|
|
23,881 |
|
|
4.40% |
|
|
09/05/28 |
|
None |
|
|
239 Greenwich Avenue |
|
|
|
|
26,572 |
|
|
|
75.00 |
% |
|
|
19,929 |
|
|
3.88% |
|
|
01/10/29 |
|
None |
|
|
North & Kingsbury |
|
|
|
|
12,164 |
|
|
|
100.00 |
% |
|
|
12,164 |
|
|
4.01% |
|
|
11/05/29 |
|
None |
|
|
151 North State Street |
|
|
|
|
13,574 |
|
|
|
100.00 |
% |
|
|
13,574 |
|
|
4.03% |
|
|
12/01/29 |
|
None |
|
|
Concord & Milwaukee |
|
|
|
|
2,650 |
|
|
|
100.00 |
% |
|
|
2,650 |
|
|
4.40% |
|
|
06/01/30 |
|
None |
|
|
California & Armitage |
|
|
|
|
2,506 |
|
|
|
100.00 |
% |
|
|
2,506 |
|
|
5.89% |
|
|
04/15/35 |
|
None |
|
|
Unsecured interest rate swaps 1 |
|
|
|
|
410,800 |
|
|
|
100.00 |
% |
|
|
410,800 |
|
|
3.36% |
|
|
3.1 YRS |
|
|
|
|
Secured interest rate swaps 1 |
|
|
|
|
100,978 |
|
|
|
90.05 |
% |
|
|
90,933 |
|
|
4.10% |
|
|
6.5 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Fixed-Rate Debt |
|
|
|
|
842,552 |
|
|
|
|
|
|
|
755,746 |
|
|
3.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3104 M Street 5 |
|
|
|
|
4,518 |
|
|
|
20.00 |
% |
|
|
904 |
|
|
Prime+50 |
|
|
12/10/21 |
|
None |
|
|
28 Jericho Turnpike |
|
|
|
|
13,416 |
|
|
|
100.00 |
% |
|
|
13,416 |
|
|
LIBOR+190 |
|
|
01/23/23 |
|
None |
|
|
60 Orange Street |
|
|
|
|
7,001 |
|
|
|
98.00 |
% |
|
|
6,861 |
|
|
LIBOR+175 |
|
|
04/03/23 |
|
None |
|
|
Gotham Plaza |
|
|
|
|
19,421 |
|
|
|
49.00 |
% |
|
|
9,516 |
|
|
LIBOR+160 |
|
|
06/10/23 |
|
None |
|
|
Georgetown Portfolio (2016 Investment) |
|
|
|
|
160,000 |
|
|
|
20.00 |
% |
|
|
32,000 |
|
|
LIBOR+170 |
|
|
08/01/23 |
|
None |
|
|
330-340 River Street |
|
|
|
|
11,140 |
|
|
|
100.00 |
% |
|
|
11,140 |
|
|
LIBOR+170 |
|
|
06/01/26 |
|
None |
|
|
Sullivan Center |
|
|
|
|
50,000 |
|
|
|
100.00 |
% |
|
|
50,000 |
|
|
LIBOR+150 |
|
|
11/16/28 |
|
None |
|
|
Secured interest rate swaps 1 |
|
|
|
|
(100,978 |
) |
|
|
90.05 |
% |
|
|
(90,933 |
) |
|
LIBOR+240 |
|
|
6.5 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Line of Credit 3 |
|
|
|
|
60,800 |
|
|
|
100.00 |
% |
|
|
60,800 |
|
|
LIBOR+115 |
|
|
03/31/22 |
|
2 x 6 mos. |
|
|
Unsecured Term Loan |
|
|
|
|
350,000 |
|
|
|
100.00 |
% |
|
|
350,000 |
|
|
LIBOR+125 |
|
|
03/31/23 |
|
None |
|
|
Unsecured interest rate swaps 1 |
|
|
|
|
(410,800 |
) |
|
|
100.00 |
% |
|
|
(410,800 |
) |
|
LIBOR+166 |
|
|
3.1 YRS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
|
164,518 |
|
|
|
|
|
|
|
32,904 |
|
|
LIBOR+175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt - Core Portfolio |
|
|
|
$ |
1,007,070 |
|
|
|
|
|
|
$ |
788,650 |
|
|
3.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CityPoint 4 |
|
Fund II |
|
|
200,000 |
|
|
|
26.67 |
% |
|
|
53,340 |
|
|
4.75% |
|
|
05/29/20 |
|
None |
|
|
1964 Union Street 4 |
|
Fund IV |
|
|
1,463 |
|
|
|
20.80 |
% |
|
|
304 |
|
|
3.80% |
|
|
10/01/25 |
|
None |
|
|
2207 Fillmore Street 4 |
|
Fund IV |
|
|
1,120 |
|
|
|
20.80 |
% |
|
|
233 |
|
|
4.50% |
|
|
10/31/25 |
|
None |
|
|
2208-2216 Fillmore Street 4 |
|
Fund IV |
|
|
5,606 |
|
|
|
20.80 |
% |
|
|
1,166 |
|
|
3.40% |
|
|
06/01/26 |
|
None |
|
|
Interest rate swaps 1 |
|
Funds II, IV & V |
|
|
648,726 |
|
|
|
20.73 |
% |
|
|
134,512 |
|
|
3.61% |
|
|
0.5 YRS |
|
|
|
|
Sub-Total Fixed-Rate Debt |
|
|
|
|
856,915 |
|
|
|
|
|
|
|
189,555 |
|
|
3.93% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wake Forest Crossing |
|
Fund IV |
|
|
23,337 |
|
|
|
23.12 |
% |
|
|
5,396 |
|
|
LIBOR+160 |
|
|
02/14/20 |
|
2 x 12 mos. |
|
|
Lincoln Place |
|
Fund IV |
|
|
23,100 |
|
|
|
23.12 |
% |
|
|
5,341 |
|
|
LIBOR+185 |
|
|
03/13/20 |
|
2 x 12 mos. |
|
|
650 Bald Hill Road 4 |
|
Fund IV |
|
|
16,624 |
|
|
|
20.81 |
% |
|
|
3,459 |
|
|
LIBOR+265 |
|
|
04/27/20 |
|
None |
|
|
Acadia Strategic Opportunity Fund V LLC |
|
Fund V |
|
|
— |
|
|
|
20.10 |
% |
|
|
— |
|
|
LIBOR+160 |
|
|
05/04/20 |
|
1 x 12 mos. |
|
|
Eden Square 4 |
|
Fund IV |
|
|
24,181 |
|
|
|
22.78 |
% |
|
|
5,508 |
|
|
LIBOR+215 |
|
|
06/01/20 |
|
1 x 12 mos. |
|
|
17 E. 71st Street |
|
Fund IV |
|
|
18,833 |
|
|
|
23.12 |
% |
|
|
4,354 |
|
|
LIBOR+190 |
|
|
06/09/20 |
|
None |
|
|
|
|
|
23 |
|
|
|
Portfolio Debt - Detail |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
|
Extension |
|||||||
|
|
|
|
December 31, 2019 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
|
Maturity |
|
Options |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund III |
|
|
35,084 |
|
|
|
24.54 |
% |
|
|
8,610 |
|
|
LIBOR+275 |
|
|
06/19/20 |
|
2 x 12 mos. |
||
|
Acadia Strategic Opportunity Fund II, LLC |
|
Fund II |
|
|
40,000 |
|
|
|
28.33 |
% |
|
|
11,332 |
|
|
LIBOR+165 |
|
|
09/20/20 |
|
2 x 12 mos. |
|
|
717 N. Michigan Avenue |
|
Fund IV |
|
|
56,700 |
|
|
|
23.12 |
% |
|
|
13,109 |
|
|
LIBOR+310 |
|
|
12/09/20 |
|
1 x 12 mos. |
|
|
Acadia Strategic Opportunity IV LLC |
|
Fund IV |
|
|
8,400 |
|
|
|
23.12 |
% |
|
|
1,942 |
|
|
LIBOR+165 |
|
|
12/31/20 |
|
None |
|
|
640 Broadway 4 |
|
Fund III |
|
|
39,470 |
|
|
|
15.49 |
% |
|
|
6,114 |
|
|
LIBOR+310 |
|
|
01/09/21 |
|
1 x 12 mos. |
|
|
New Towne Center |
|
Fund V |
|
|
16,900 |
|
|
|
20.10 |
% |
|
|
3,397 |
|
|
LIBOR+220 |
|
|
02/01/21 |
|
2 x 12 mos. |
|
|
Broughton Street Portfolio |
|
Fund IV |
|
|
29,175 |
|
|
|
23.12 |
% |
|
|
6,745 |
|
|
LIBOR+250 |
|
|
05/01/21 |
|
None |
|
|
Fairlane Green |
|
Fund V |
|
|
40,300 |
|
|
|
20.10 |
% |
|
|
8,100 |
|
|
LIBOR+190 |
|
|
06/05/21 |
|
2 x 12 mos. |
|
|
Trussville Promenade |
|
Fund V |
|
|
29,370 |
|
|
|
20.10 |
% |
|
|
5,903 |
|
|
LIBOR+185 |
|
|
06/15/21 |
|
2 x 12 mos. |
|
|
Acadia Strategic Opportunity IV LLC |
|
Fund IV |
|
|
79,225 |
|
|
|
23.12 |
% |
|
|
18,317 |
|
|
LIBOR+200 |
|
|
06/30/21 |
|
None |
|
|
146 Geary Street |
|
Fund IV |
|
|
22,900 |
|
|
|
23.12 |
% |
|
|
5,294 |
|
|
LIBOR+340 |
|
|
07/14/21 |
|
1 x 12 mos. |
|
|
Restaurants at Fort Point |
|
Fund IV |
|
|
6,070 |
|
|
|
23.12 |
% |
|
|
1,403 |
|
|
LIBOR+235 |
|
|
08/25/21 |
|
None |
|
|
CityPoint 4 |
|
Fund II |
|
|
19,073 |
|
|
|
26.67 |
% |
|
|
5,087 |
|
|
LIBOR+139 |
|
|
11/01/21 |
|
None |
|
|
Promenade at Manassas 4 |
|
Fund IV |
|
|
25,840 |
|
|
|
22.78 |
% |
|
|
5,886 |
|
|
LIBOR+175 |
|
|
12/05/21 |
|
2 x 12 mos. |
|
|
Airport Mall |
|
Fund IV |
|
|
5,334 |
|
|
|
23.12 |
% |
|
|
1,233 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
Colonie Plaza |
|
Fund IV |
|
|
11,713 |
|
|
|
23.12 |
% |
|
|
2,708 |
|
|
LIBOR+225 |
|
|
04/01/22 |
|
None |
|
|
Dauphin Plaza |
|
Fund IV |
|
|
9,718 |
|
|
|
23.12 |
% |
|
|
2,247 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
Shaw's Plaza (Waterville) |
|
Fund IV |
|
|
7,636 |
|
|
|
23.12 |
% |
|
|
1,765 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
Wells Plaza |
|
Fund IV |
|
|
3,200 |
|
|
|
23.12 |
% |
|
|
740 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
CityPoint Phase III 4 |
|
Fund II |
|
|
24,225 |
|
|
|
26.67 |
% |
|
|
6,461 |
|
|
LIBOR+300 |
|
|
03/01/22 |
|
2 x 12 mos. |
|
|
Dauphin Plaza |
|
Fund IV |
|
|
3,000 |
|
|
|
23.12 |
% |
|
|
694 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
Wells Plaza - Second Mortgage |
|
Fund IV |
|
|
2,500 |
|
|
|
23.12 |
% |
|
|
578 |
|
|
LIBOR+200 |
|
|
04/01/22 |
|
None |
|
|
Paramus Plaza 4 |
|
Fund IV |
|
|
18,900 |
|
|
|
11.56 |
% |
|
|
2,185 |
|
|
LIBOR+175 |
|
|
04/26/22 |
|
None |
|
|
Riverdale 4 |
|
Fund V |
|
|
32,233 |
|
|
|
17.97 |
% |
|
|
5,794 |
|
|
LIBOR+170 |
|
|
05/28/22 |
|
2 x 12 mos. |
|
|
Shaw's Plaza (Windham) |
|
Fund IV |
|
|
5,702 |
|
|
|
23.12 |
% |
|
|
1,318 |
|
|
LIBOR+200 |
|
|
12/01/22 |
|
None |
|
|
Mayfair Center |
|
Fund IV |
|
|
11,895 |
|
|
|
23.12 |
% |
|
|
2,750 |
|
|
LIBOR+200 |
|
|
12/01/22 |
|
2 x 12 mos. |
|
|
Elk Grove Commons |
|
Fund V |
|
|
41,500 |
|
|
|
20.10 |
% |
|
|
8,342 |
|
|
LIBOR+150 |
|
|
01/01/23 |
|
1 x 12 mos. |
|
|
Hiram Pavilion |
|
Fund V |
|
|
28,830 |
|
|
|
20.10 |
% |
|
|
5,795 |
|
|
LIBOR+190 |
|
|
03/05/24 |
|
None |
|
|
Hickory Ridge |
|
Fund V |
|
|
30,000 |
|
|
|
20.10 |
% |
|
|
6,030 |
|
|
LIBOR+190 |
|
|
10/05/24 |
|
None |
|
|
Tri-City Plaza |
|
Fund V |
|
|
30,206 |
|
|
|
18.09 |
% |
|
|
5,464 |
|
|
LIBOR+190 |
|
|
10/18/24 |
|
1 x 12 mos. |
|
|
Landstown Commons |
|
Fund V |
|
|
60,900 |
|
|
|
20.10 |
% |
|
|
12,241 |
|
|
LIBOR+170 |
|
|
10/24/24 |
|
None |
|
|
Lincoln Commons |
|
Fund V |
|
|
38,820 |
|
|
|
20.10 |
% |
|
|
7,803 |
|
|
LIBOR+170 |
|
|
10/24/24 |
|
None |
|
|
Palm Coast Landing |
|
Fund V |
|
|
26,500 |
|
|
|
20.10 |
% |
|
|
5,327 |
|
|
LIBOR+175 |
|
|
11/01/24 |
|
None |
|
|
Frederick Crossing |
|
Fund V |
|
|
24,290 |
|
|
|
18.09 |
% |
|
|
4,394 |
|
|
LIBOR+175 |
|
|
12/02/24 |
|
1 x 12 mos. |
|
|
Plaza Santa Fe |
|
Fund V |
|
|
22,893 |
|
|
|
20.10 |
% |
|
|
4,601 |
|
|
LIBOR+190 |
|
|
12/20/24 |
|
None |
|
|
Frederick County Square |
|
Fund V |
|
|
15,120 |
|
|
|
18.09 |
% |
|
|
2,735 |
|
|
LIBOR+240 |
|
|
01/01/25 |
|
1 x 12 mos. |
|
|
Interest rate swaps 1 |
|
Funds II, IV & V |
|
|
(648,726 |
) |
|
|
20.73 |
% |
|
|
(134,512 |
) |
|
LIBOR+195 |
|
|
0.5 YRS |
|
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
|
360,971 |
|
|
|
|
|
|
|
81,990 |
|
|
LIBOR+199 |
|
|
|
|
|
|
|
Total Debt - Funds |
|
|
|
$ |
1,217,886 |
|
|
|
|
|
|
$ |
271,545 |
|
|
3.86% |
|
|
|
|
|
|
|
Total Debt - Core Portfolio and Funds |
|
|
|
$ |
2,224,956 |
|
|
|
|
|
|
$ |
1,060,195 |
|
|
3.76% |
|
|
|
|
|
|
_________
|
|
1. |
The Company has hedged a portion of its variable-rate debt with variable to fixed-rate swap agreements. Maturity reflects the weighted-average years to maturity of the swapped loans without regard to the expiration of the related swap agreements. Fund interest rate swaps include $155.4 million of Core swaps which are not designated to specific debt instruments. |
|
|
2. |
This loan is in default as of December 31, 2019 and is accruing interest for accounting purposes at the default rate of 11%. |
|
|
3. |
The interest rate on the unsecured revolving credit facility excludes a 20 basis point facility fee. |
|
|
4. |
Acadia's interest in this Fund debt is also reflected net of other JV interests at the investment level. |
|
|
5. |
Bears interest at the greater of 4% or the Prime Rate plus 50 basis points. |
|
|
24 |
|
|
|
Future Debt Maturities 1 |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
Total Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average Interest Rate |
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed- |
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Rate |
|
|
Variable- |
|
|||||
|
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Debt |
|
|
Debt |
|
|
Rate Debt |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
$ |
5,705 |
|
|
$ |
26,250 |
|
|
$ |
31,955 |
|
|
$ |
4,297 |
|
|
$ |
5,833 |
|
|
$ |
10,130 |
|
|
6.00% |
|
|
6.00% |
|
|
n/a |
|
|||
|
2021 |
|
|
5,938 |
|
|
|
4,127 |
|
|
|
10,065 |
|
|
|
4,488 |
|
|
|
825 |
|
|
|
5,313 |
|
|
5.25% |
|
|
n/a |
|
|
5.25% |
|
|||
|
2022 |
|
|
5,986 |
|
|
|
60,800 |
|
|
|
66,786 |
|
|
|
4,633 |
|
|
|
60,800 |
|
|
|
65,433 |
|
|
3.05% |
|
|
n/a |
|
|
3.05% |
|
|||
|
2023 |
|
|
5,068 |
|
|
|
545,351 |
|
|
|
550,419 |
|
|
|
3,843 |
|
|
|
408,306 |
|
|
|
412,149 |
|
|
3.02% |
|
|
n/a |
|
|
3.02% |
|
|||
|
2024 |
|
|
4,235 |
|
|
|
65,795 |
|
|
|
70,030 |
|
|
|
3,289 |
|
|
|
35,980 |
|
|
|
39,269 |
|
|
4.09% |
|
|
4.09% |
|
|
n/a |
|
|||
|
Thereafter |
|
|
14,661 |
|
|
|
263,154 |
|
|
|
277,815 |
|
|
|
13,258 |
|
|
|
243,098 |
|
|
|
256,356 |
|
|
3.95% |
|
|
4.18% |
|
|
3.23% |
|
|||
|
Total |
|
$ |
41,593 |
|
|
$ |
965,477 |
|
|
$ |
1,007,070 |
|
|
$ |
33,808 |
|
|
$ |
754,842 |
|
|
$ |
788,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds |
|
Total Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average Interest Rate |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed- |
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Scheduled |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Rate |
|
|
Variable- |
|
|||||
|
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Debt |
|
|
Debt |
|
|
Rate Debt |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
$ |
2,857 |
|
|
$ |
445,726 |
|
|
$ |
448,583 |
|
|
$ |
656 |
|
|
$ |
112,271 |
|
|
$ |
112,927 |
|
|
4.34% |
|
|
4.75% |
|
|
3.97% |
|
|||
|
2021 |
|
|
2,807 |
|
|
|
307,303 |
|
|
|
310,110 |
|
|
|
630 |
|
|
|
66,005 |
|
|
|
66,635 |
|
|
3.89% |
|
|
n/a |
|
|
3.89% |
|
|||
|
2022 |
|
|
3,248 |
|
|
|
132,234 |
|
|
|
135,482 |
|
|
|
674 |
|
|
|
27,589 |
|
|
|
28,263 |
|
|
3.87% |
|
|
n/a |
|
|
3.87% |
|
|||
|
2023 |
|
|
4,718 |
|
|
|
40,947 |
|
|
|
45,665 |
|
|
|
930 |
|
|
|
8,230 |
|
|
|
9,160 |
|
|
3.20% |
|
|
n/a |
|
|
3.20% |
|
|||
|
2024 |
|
|
3,411 |
|
|
|
251,991 |
|
|
|
255,402 |
|
|
|
670 |
|
|
|
49,594 |
|
|
|
50,264 |
|
|
3.49% |
|
|
n/a |
|
|
3.49% |
|
|||
|
Thereafter |
|
|
253 |
|
|
|
22,391 |
|
|
|
22,644 |
|
|
|
48 |
|
|
|
4,248 |
|
|
|
4,296 |
|
|
3.93% |
|
|
3.64% |
|
|
4.10% |
|
|||
|
Total |
|
$ |
17,294 |
|
|
$ |
1,200,592 |
|
|
$ |
1,217,886 |
|
|
$ |
3,608 |
|
|
$ |
267,937 |
|
|
$ |
271,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
1. |
Does not include any applicable extension options or subsequent refinancings. |
|
|
2. |
Refer to the Company’s Annual Report on Form 10-K for additional information. |
|
|
25 |
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STREET AND URBAN RETAIL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Chicago Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
664 N. Michigan Avenue |
|
Tommy Bahama, Ann Taylor Loft |
|
|
2013 |
|
|
100.0 |
% |
|
|
18,141 |
|
|
|
— |
|
|
|
— |
|
|
|
18,141 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
$ |
4,845,848 |
|
|
$ |
267.12 |
|
|
|
840 N. Michigan Avenue |
|
H & M, Verizon Wireless |
|
|
2014 |
|
|
88.4 |
% |
|
|
87,135 |
|
|
|
— |
|
|
|
— |
|
|
|
87,135 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
8,313,164 |
|
|
|
95.41 |
|
|
|
Rush and Walton Streets Collection (6 properties) |
|
Lululemon, BHLDN, Reformation, Sprinkles |
|
|
2011 2012 |
|
|
100.0 |
% |
|
|
40,210 |
|
|
|
— |
|
|
|
— |
|
|
|
40,210 |
|
|
|
81.4 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
81.4 |
% |
|
|
81.4 |
% |
|
|
5,209,839 |
|
|
|
159.23 |
|
|
|
651-671 West Diversey |
|
Trader Joe's, Urban Outfitters |
|
|
2011 |
|
|
100.0 |
% |
|
|
46,259 |
|
|
|
— |
|
|
|
— |
|
|
|
46,259 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,037,056 |
|
|
|
44.04 |
|
|
|
Clark Street and W. Diversey Collection (3 properties) |
|
Ann Taylor, Starbucks |
|
|
2011 2012 |
|
|
100.0 |
% |
|
|
23,531 |
|
|
|
— |
|
|
|
— |
|
|
|
23,531 |
|
|
|
50.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
50.1 |
% |
|
|
50.1 |
% |
|
|
697,459 |
|
|
|
59.10 |
|
|
|
Halsted and Armitage Collection (12 properties) |
|
Serena and Lily, Bonobos, Allbirds Warby Parker, Marine Layer, Kiehl's |
|
|
2011 2012 2019 |
|
|
100.0 |
% |
|
|
51,104 |
|
|
|
— |
|
|
|
— |
|
|
|
51,104 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,373,945 |
|
|
|
46.45 |
|
|
|
North Lincoln Park Chicago Collection (6 properties) |
|
Champion, Carhartt |
|
|
2011 2014 |
|
|
100.0 |
% |
|
|
22,125 |
|
|
|
— |
|
|
|
27,796 |
|
|
|
49,921 |
|
|
|
27.7 |
% |
|
|
— |
% |
|
|
62.0 |
% |
|
|
46.8 |
% |
|
|
46.8 |
% |
|
|
822,286 |
|
|
|
35.18 |
|
|
|
State and Washington |
|
Nordstrom Rack, Uniqlo |
|
|
2016 |
|
|
100.0 |
% |
|
|
78,771 |
|
|
|
— |
|
|
|
— |
|
|
|
78,771 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,309,875 |
|
|
|
42.02 |
|
|
|
151 N. State Street |
|
Walgreens |
|
|
2016 |
|
|
100.0 |
% |
|
|
27,385 |
|
|
|
— |
|
|
|
— |
|
|
|
27,385 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,430,000 |
|
|
|
52.22 |
|
|
|
North and Kingsbury |
|
Old Navy, Pier 1 Imports |
|
|
2016 |
|
|
100.0 |
% |
|
|
41,700 |
|
|
|
— |
|
|
|
— |
|
|
|
41,700 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,759,227 |
|
|
|
42.19 |
|
|
|
Concord and Milwaukee |
|
|
— |
|
|
2016 |
|
|
100.0 |
% |
|
|
13,105 |
|
|
|
— |
|
|
|
— |
|
|
|
13,105 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
425,203 |
|
|
|
32.45 |
|
|
California and Armitage |
|
|
— |
|
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
18,275 |
|
|
|
18,275 |
|
|
|
— |
% |
|
|
— |
% |
|
|
70.6 |
% |
|
|
70.6 |
% |
|
|
70.6 |
% |
|
|
621,266 |
|
|
|
48.19 |
|
|
Roosevelt Galleria |
|
Petco, Vitamin Shoppe |
|
|
2015 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
37,995 |
|
|
|
37,995 |
|
|
|
— |
% |
|
|
— |
% |
|
|
47.7 |
% |
|
|
47.7 |
% |
|
|
47.7 |
% |
|
|
604,179 |
|
|
|
33.33 |
|
|
|
Sullivan Center |
|
Target, DSW |
|
|
2016 |
|
|
100.0 |
% |
|
|
176,181 |
|
|
|
— |
|
|
|
— |
|
|
|
176,181 |
|
|
|
98.6 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
98.6 |
% |
|
|
98.6 |
% |
|
|
6,854,811 |
|
|
|
39.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625,647 |
|
|
|
— |
|
|
|
84,066 |
|
|
|
709,713 |
|
|
|
94.0 |
% |
|
|
— |
% |
|
|
57.4 |
% |
|
|
89.7 |
% |
|
|
90.8 |
% |
|
|
39,304,158 |
|
|
|
61.77 |
|
|
New York Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soho Collection (10 properties) |
|
Paper Source, Faherty, ALC Stone Island, Taft, Frame, Theory |
|
|
2011 2014 2019 |
|
|
100.0 |
% |
|
|
33,553 |
|
|
|
— |
|
|
|
— |
|
|
|
33,553 |
|
|
|
78.6 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
78.6 |
% |
|
|
89.9 |
% |
|
|
8,992,661 |
|
|
|
341.03 |
|
|
|
5-7 East 17th Street |
|
Union Park Events |
|
|
2008 |
|
|
100.0 |
% |
|
|
11,467 |
|
|
|
— |
|
|
|
— |
|
|
|
11,467 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,300,014 |
|
|
|
113.37 |
|
|
|
200 West 54th Street |
|
Stage Coach Tavern |
|
|
2007 |
|
|
100.0 |
% |
|
|
5,777 |
|
|
|
— |
|
|
|
— |
|
|
|
5,777 |
|
|
|
77.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
77.8 |
% |
|
|
77.8 |
% |
|
|
1,921,520 |
|
|
|
427.29 |
|
|
|
61 Main Street |
|
|
— |
|
|
2014 |
|
|
100.0 |
% |
|
|
3,470 |
|
|
|
— |
|
|
|
— |
|
|
|
3,470 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
181 Main Street |
|
TD Bank |
|
|
2012 |
|
|
100.0 |
% |
|
|
11,350 |
|
|
|
— |
|
|
|
— |
|
|
|
11,350 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
968,387 |
|
|
|
85.32 |
|
|
|
4401 White Plains Road |
|
Walgreens |
|
|
2011 |
|
|
100.0 |
% |
|
|
— |
|
|
|
12,964 |
|
|
|
— |
|
|
|
12,964 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
625,000 |
|
|
|
48.21 |
|
|
|
|
|
|
26 |
|
|
|
Core Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
— |
|
|
2005 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
14,590 |
|
|
|
14,590 |
|
|
|
— |
% |
|
|
— |
% |
|
|
66.6 |
% |
|
|
66.6 |
% |
|
|
66.6 |
% |
|
|
324,007 |
|
|
|
33.33 |
|
|
|
239 Greenwich Avenue |
|
Betteridge Jewelers |
|
|
1998 |
|
|
75.0 |
% |
|
|
16,553 |
|
|
|
— |
|
|
|
— |
|
|
|
16,553 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,641,124 |
|
|
|
99.14 |
|
|
|
252-256 Greenwich Avenue |
|
Madewell, Jack Wills, Blue Mercury |
|
|
2014 |
|
|
100.0 |
% |
|
|
7,986 |
|
|
|
— |
|
|
|
— |
|
|
|
7,986 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,350,370 |
|
|
|
169.09 |
|
|
|
2914 Third Avenue |
|
Planet Fitness |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
21,650 |
|
|
|
18,670 |
|
|
|
40,320 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
985,972 |
|
|
|
24.45 |
|
|
|
868 Broadway |
|
Dr. Martens |
|
|
2013 |
|
|
100.0 |
% |
|
|
2,031 |
|
|
|
— |
|
|
|
— |
|
|
|
2,031 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
790,705 |
|
|
|
389.32 |
|
|
|
313-315 Bowery 2 |
|
John Varvatos, Patagonia |
|
|
2013 |
|
|
100.0 |
% |
|
|
6,600 |
|
|
|
— |
|
|
|
— |
|
|
|
6,600 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
479,160 |
|
|
|
72.60 |
|
|
|
120 West Broadway |
|
HSBC Bank |
|
|
2013 |
|
|
100.0 |
% |
|
|
13,838 |
|
|
|
— |
|
|
|
— |
|
|
|
13,838 |
|
|
|
79.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
79.8 |
% |
|
|
100.0 |
% |
|
|
1,971,384 |
|
|
|
178.59 |
|
|
|
2520 Flatbush Avenue |
|
Bob's Disc. Furniture, Capital One |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
29,114 |
|
|
|
29,114 |
|
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,163,976 |
|
|
|
39.98 |
|
|
|
991 Madison Avenue |
|
Vera Wang, Gabriella Hearst |
|
|
2016 |
|
|
100.0 |
% |
|
|
7,513 |
|
|
|
— |
|
|
|
— |
|
|
|
7,513 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,046,736 |
|
|
|
405.53 |
|
|
|
Shops at Grand |
|
Stop & Shop (Ahold) |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
52,336 |
|
|
|
47,349 |
|
|
|
99,685 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
3,332,491 |
|
|
|
33.43 |
|
|
|
Gotham Plaza |
|
Bank of America, Footlocker |
|
|
2016 |
|
|
49.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
25,927 |
|
|
|
25,927 |
|
|
|
— |
% |
|
|
— |
% |
|
|
58.6 |
% |
|
|
58.6 |
% |
|
|
58.6 |
% |
|
|
1,067,395 |
|
|
|
70.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,138 |
|
|
|
86,950 |
|
|
|
135,650 |
|
|
|
342,738 |
|
|
|
87.7 |
% |
|
|
100.0 |
% |
|
|
88.5 |
% |
|
|
91.1 |
% |
|
|
94.1 |
% |
|
|
29,960,902 |
|
|
|
95.90 |
|
|
San Francisco Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555 9th Street |
|
Bed, Bath & Beyond, Nordstrom Rack |
|
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
119,862 |
|
|
|
28,970 |
|
|
|
148,832 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
6,219,355 |
|
|
|
41.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
119,862 |
|
|
|
28,970 |
|
|
|
148,832 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
6,219,355 |
|
|
|
41.79 |
|
|
Los Angeles Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melrose Place Collection |
|
The Row, Chloe, Oscar de la Renta |
|
|
2019 |
|
100.0% |
|
|
|
14,000 |
|
|
|
— |
|
|
|
— |
|
|
|
14,000 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,365,606 |
|
|
|
168.97 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,000 |
|
|
|
— |
|
|
|
— |
|
|
|
14,000 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,365,606 |
|
|
|
168.97 |
|
|
District of Columbia Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1739-53 & 1801-03 Connecticut Avenue |
|
Ruth Chris Steak- house, TD Bank |
|
|
2012 |
|
|
100.0 |
% |
|
|
20,669 |
|
|
|
— |
|
|
|
— |
|
|
|
20,669 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,359,986 |
|
|
|
65.80 |
|
|
|
Rhode Island Place Shopping Center |
|
Ross Dress for Less |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
25,134 |
|
|
|
32,533 |
|
|
|
57,667 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
80.7 |
% |
|
|
89.1 |
% |
|
|
93.4 |
% |
|
|
1,605,057 |
|
|
|
31.24 |
|
|
|
M Street and Wisconsin Corridor (26 Properties) 3 |
|
Lululemon, Sephora, The Reformation |
|
|
2011 2016 2019 |
|
|
24.9 |
% |
|
|
244,709 |
|
|
|
— |
|
|
|
— |
|
|
|
244,709 |
|
|
|
90.8 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
90.8 |
% |
|
|
94.2 |
% |
|
|
16,463,715 |
|
|
|
74.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
265,378 |
|
|
|
25,134 |
|
|
|
32,533 |
|
|
|
323,045 |
|
|
|
91.5 |
% |
|
|
100.0 |
% |
|
|
80.7 |
% |
|
|
91.1 |
% |
|
|
94.4 |
% |
|
|
19,428,758 |
|
|
|
66.01 |
|
|
Boston Metro |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330-340 River Street |
|
Whole Foods |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
40,800 |
|
|
|
13,426 |
|
|
|
54,226 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,243,517 |
|
|
|
22.93 |
|
|
|
165 Newbury Street |
|
Starbucks |
|
|
2016 |
|
|
100.0 |
% |
|
|
1,050 |
|
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
277,719 |
|
|
|
264.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,050 |
|
|
|
40,800 |
|
|
|
13,426 |
|
|
|
55,276 |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,521,236 |
|
|
|
27.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Street and Urban Retail |
|
|
|
|
|
|
|
|
|
1,026,213 |
|
|
|
272,746 |
|
|
|
294,645 |
|
|
|
1,593,604 |
|
|
|
92.7 |
% |
|
|
100.0 |
% |
|
|
80.4 |
% |
|
|
91.7 |
% |
|
|
93.5 |
% |
|
$ |
98,800,015 |
|
|
$ |
67.62 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Street and Urban Retail |
|
|
|
|
|
|
|
|
|
828,151 |
|
|
|
272,746 |
|
|
|
281,422 |
|
|
|
1,382,320 |
|
|
|
93.1 |
% |
|
|
100.0 |
% |
|
|
81.4 |
% |
|
|
92.1 |
% |
|
|
93.7 |
% |
|
$ |
84,810,177 |
|
|
$ |
66.64 |
|
|||
|
|
27 |
|
|
|
Core Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUBURBAN PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketplace of Absecon |
|
Rite Aid, Dollar Tree |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
46,724 |
|
|
|
57,832 |
|
|
|
104,556 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
71.3 |
% |
|
|
84.1 |
% |
|
|
84.1 |
% |
|
|
1,372,830 |
|
|
|
15.61 |
|
|
|
60 Orange Street |
|
Home Depot |
|
|
2012 |
|
|
98.0 |
% |
|
|
— |
|
|
|
101,715 |
|
|
|
— |
|
|
|
101,715 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
730,000 |
|
|
|
7.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Commons Shopping Center |
|
|
— |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
87,128 |
|
|
|
87,128 |
|
|
|
— |
% |
|
|
— |
% |
|
|
98.1 |
% |
|
|
98.1 |
% |
|
|
98.1 |
% |
|
|
2,795,940 |
|
|
|
32.72 |
|
|
Branch Plaza |
|
LA Fitness, The Fresh Market |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
76,264 |
|
|
|
47,081 |
|
|
|
123,345 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
84.8 |
% |
|
|
94.2 |
% |
|
|
94.2 |
% |
|
|
3,176,630 |
|
|
|
27.34 |
|
|
|
Amboy Center |
|
Stop & Shop (Ahold) |
|
|
2005 |
|
|
100.0 |
% |
|
|
— |
|
|
|
37,266 |
|
|
|
26,024 |
|
|
|
63,290 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
53.5 |
% |
|
|
80.9 |
% |
|
|
89.9 |
% |
|
|
1,683,453 |
|
|
|
32.89 |
|
|
|
LA Fitness |
|
LA Fitness |
|
|
2007 |
|
|
100.0 |
% |
|
|
— |
|
|
|
55,000 |
|
|
|
— |
|
|
|
55,000 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,485,287 |
|
|
|
27.01 |
|
|
|
Crossroads Shopping Center |
|
HomeGoods,Pet- Smart, Kmart |
|
|
1998 |
|
|
49.0 |
% |
|
|
— |
|
|
|
202,727 |
|
|
|
109,177 |
|
|
|
311,904 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
76.5 |
% |
|
|
91.8 |
% |
|
|
91.8 |
% |
|
|
7,089,909 |
|
|
|
24.77 |
|
|
|
New Loudon Center |
|
Price Chopper, Marshalls |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
251,058 |
|
|
|
4,615 |
|
|
|
255,673 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,188,447 |
|
|
|
8.56 |
|
|
|
28 Jericho Turnpike |
|
Kohl's |
|
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
96,363 |
|
|
|
— |
|
|
|
96,363 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,815,000 |
|
|
|
18.84 |
|
|
|
Bedford Green |
|
Shop Rite, CVS |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
37,981 |
|
|
|
52,608 |
|
|
|
90,589 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
70.7 |
% |
|
|
83.0 |
% |
|
|
83.0 |
% |
|
|
2,476,876 |
|
|
|
32.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Line Plaza 4 |
|
Wal-Mart, Stop & Shop (Ahold) |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
163,159 |
|
|
|
43,187 |
|
|
|
206,346 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
93.6 |
% |
|
|
98.7 |
% |
|
|
98.7 |
% |
|
|
1,827,704 |
|
|
|
16.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methuen Shopping Center |
|
Wal-Mart, Market Basket |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
120,004 |
|
|
|
10,017 |
|
|
|
130,021 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,360,858 |
|
|
|
10.47 |
|
|
|
Crescent Plaza |
|
Home Depot, Shaw's (Supervalu) |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
156,985 |
|
|
|
61,163 |
|
|
|
218,148 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
67.7 |
% |
|
|
90.9 |
% |
|
|
90.9 |
% |
|
|
1,905,550 |
|
|
|
9.60 |
|
|
|
201 Needham Street |
|
Michael's |
|
|
2014 |
|
|
100.0 |
% |
|
|
— |
|
|
|
20,409 |
|
|
|
— |
|
|
|
20,409 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
646,965 |
|
|
|
31.70 |
|
|
|
163 Highland Avenue |
|
Staples, Petco |
|
|
2015 |
|
|
100.0 |
% |
|
|
— |
|
|
|
40,505 |
|
|
|
— |
|
|
|
40,505 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,311,747 |
|
|
|
32.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gateway Shopping Center |
|
Shaw's (Supervalu) |
|
|
1999 |
|
|
100.0 |
% |
|
|
— |
|
|
|
73,184 |
|
|
|
28,290 |
|
|
|
101,474 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.3 |
% |
|
|
98.4 |
% |
|
|
100.0 |
% |
|
|
2,147,052 |
|
|
|
21.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hobson West Plaza |
|
Garden Fresh Markets |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
51,692 |
|
|
|
47,258 |
|
|
|
98,950 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
65.1 |
% |
|
|
83.3 |
% |
|
|
96.4 |
% |
|
|
830,409 |
|
|
|
10.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrillville Plaza |
|
Jo-Ann Fabrics, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
123,220 |
|
|
|
112,867 |
|
|
|
236,087 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
79.2 |
% |
|
|
90.0 |
% |
|
|
90.5 |
% |
|
|
3,168,339 |
|
|
|
14.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
|
|
Core Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
|
|
|
|
|
|
|
|
Year |
|
Acadia's |
|
|
Gross Leasable Area (GLA) |
|
|
In Place Occupancy |
|
|
Leased Occupancy |
|
|
Annualized Base Rent |
|
|
ABR |
|
||||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
|
Acquired |
|
Interest |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Total |
|
|
(ABR) |
|
|
PSF |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomfield Town Square |
|
Best Buy, HomeGoods, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
153,839 |
|
|
|
81,183 |
|
|
|
235,022 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
89.7 |
% |
|
|
96.4 |
% |
|
|
96.4 |
% |
|
|
3,745,862 |
|
|
|
16.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Town Center and Other (2 properties) |
|
Lowes, Bed Bath & Beyond, Target |
|
|
2003 |
|
|
65.1 |
% |
|
|
— |
|
|
|
748,210 |
|
|
|
51,808 |
|
|
|
800,018 |
|
|
|
— |
% |
|
|
91.6 |
% |
|
|
85.7 |
% |
|
|
91.3 |
% |
|
|
91.3 |
% |
|
|
12,642,074 |
|
|
|
17.32 |
|
|
|
Market Square Shopping Center |
|
Trader Joe's, TJ Maxx |
|
|
2003 |
|
|
100.0 |
% |
|
|
— |
|
|
|
42,850 |
|
|
|
59,197 |
|
|
|
102,047 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
95.5 |
% |
|
|
97.4 |
% |
|
|
97.4 |
% |
|
|
3,022,011 |
|
|
|
30.41 |
|
|
|
Naamans Road |
|
|
— |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
19,850 |
|
|
|
19,850 |
|
|
|
— |
% |
|
|
— |
% |
|
|
30.1 |
% |
|
|
30.1 |
% |
|
|
30.1 |
% |
|
|
433,785 |
|
|
|
72.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark Plaza |
|
Kmart |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
104,956 |
|
|
|
1,900 |
|
|
|
106,856 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
244,279 |
|
|
|
2.29 |
|
|
|
Plaza 422 |
|
Home Depot |
|
|
1993 |
|
|
100.0 |
% |
|
|
— |
|
|
|
139,968 |
|
|
|
16,311 |
|
|
|
156,279 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
894,880 |
|
|
|
5.73 |
|
|
|
Chestnut Hill |
|
|
— |
|
|
2006 |
|
|
100.0 |
% |
|
|
— |
|
|
|
— |
|
|
|
37,646 |
|
|
|
37,646 |
|
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
988,897 |
|
|
|
26.27 |
|
|
Abington Towne Center 5 |
|
Target, TJ Maxx |
|
|
1998 |
|
|
100.0 |
% |
|
|
— |
|
|
|
184,616 |
|
|
|
32,255 |
|
|
|
216,871 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,225,915 |
|
|
|
20.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Properties |
|
|
|
|
|
|
|
|
|
— |
|
|
|
3,028,695 |
|
|
|
987,397 |
|
|
|
4,016,092 |
|
|
|
— |
% |
|
|
97.9 |
% |
|
|
82.3 |
% |
|
|
94.1 |
% |
|
|
94.6 |
% |
|
$ |
61,210,699 |
|
|
$ |
17.30 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Suburban Properties |
|
|
|
|
|
|
|
|
|
— |
|
|
|
2,699,160 |
|
|
|
906,892 |
|
|
|
3,606,052 |
|
|
|
— |
% |
|
|
98.7 |
% |
|
|
82.6 |
% |
|
|
94.7 |
% |
|
|
95.3 |
% |
|
$ |
53,931,537 |
|
|
$ |
17.00 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core Properties |
|
|
|
|
|
|
|
|
|
1,026,213 |
|
|
|
3,301,441 |
|
|
|
1,282,042 |
|
|
|
5,609,696 |
|
|
|
92.7 |
% |
|
|
98.1 |
% |
|
|
81.8 |
% |
|
|
93.4 |
% |
|
|
94.3 |
% |
|
$ |
160,010,714 |
|
|
$ |
31.99 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share Total Core Properties |
|
|
|
|
|
|
|
|
|
828,151 |
|
|
|
2,971,906 |
|
|
|
1,188,314 |
|
|
|
4,988,372 |
|
|
|
93.1 |
% |
|
|
98.9 |
% |
|
|
82.3 |
% |
|
|
94.0 |
% |
|
|
94.8 |
% |
|
$ |
138,741,714 |
|
|
$ |
31.20 |
|
|||
__________
|
|
1. |
Excludes properties under development, redevelopment and pre-stabilized, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. |
|
|
2. |
Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property. |
|
|
3. |
Excludes 94,000 of office GLA. |
|
|
4. |
Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. |
|
|
5. |
Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot. |
|
|
29 |
|
|
|
Number of |
|
|
Combined |
|
|
Percentage of Total |
|
||||||||||||
|
Tenant |
|
Stores |
|
|
GLA |
|
|
ABR |
|
|
GLA |
|
|
ABR |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Target |
|
|
3 |
|
|
|
390,416 |
|
|
$ |
7,809,968 |
|
|
|
7.8 |
% |
|
|
5.6 |
% |
|
Walgreens 2 |
|
|
6 |
|
|
|
95,189 |
|
|
|
4,129,377 |
|
|
|
1.9 |
% |
|
|
3.0 |
% |
|
Nordstrom, Inc. |
|
|
2 |
|
|
|
88,982 |
|
|
|
3,515,492 |
|
|
|
1.8 |
% |
|
|
2.5 |
% |
|
Royal Ahold 3 |
|
|
3 |
|
|
|
155,461 |
|
|
|
3,268,460 |
|
|
|
3.1 |
% |
|
|
2.4 |
% |
|
Bed, Bath, and Beyond 4 |
|
|
3 |
|
|
|
122,466 |
|
|
|
3,147,405 |
|
|
|
2.5 |
% |
|
|
2.3 |
% |
|
TJX Companies 5 |
|
|
8 |
|
|
|
229,043 |
|
|
|
2,631,830 |
|
|
|
4.6 |
% |
|
|
1.9 |
% |
|
Ascena Retail Group 6 |
|
|
4 |
|
|
|
19,914 |
|
|
|
2,558,108 |
|
|
|
0.4 |
% |
|
|
1.8 |
% |
|
LA Fitness International LLC |
|
|
2 |
|
|
|
100,000 |
|
|
|
2,524,787 |
|
|
|
2.0 |
% |
|
|
1.8 |
% |
|
Lululemon |
|
|
2 |
|
|
|
7,533 |
|
|
|
2,400,920 |
|
|
|
0.2 |
% |
|
|
1.7 |
% |
|
Trader Joe's |
|
|
3 |
|
|
|
41,432 |
|
|
|
2,255,989 |
|
|
|
0.8 |
% |
|
|
1.6 |
% |
|
Gap 7 |
|
|
3 |
|
|
|
39,717 |
|
|
|
1,998,519 |
|
|
|
0.8 |
% |
|
|
1.4 |
% |
|
Albertsons Companies 8 |
|
|
2 |
|
|
|
123,409 |
|
|
|
1,980,640 |
|
|
|
2.5 |
% |
|
|
1.4 |
% |
|
Home Depot |
|
|
3 |
|
|
|
312,718 |
|
|
|
1,964,443 |
|
|
|
6.3 |
% |
|
|
1.4 |
% |
|
Bob's Discount Furniture |
|
|
2 |
|
|
|
57,969 |
|
|
|
1,629,028 |
|
|
|
1.2 |
% |
|
|
1.2 |
% |
|
Tapestry 9 |
|
|
2 |
|
|
|
4,250 |
|
|
|
1,552,282 |
|
|
|
0.1 |
% |
|
|
1.1 |
% |
|
Ulta Salon Cosmetic & Fragrance |
|
|
3 |
|
|
|
31,497 |
|
|
|
1,424,318 |
|
|
|
0.6 |
% |
|
|
1.0 |
% |
|
DSW |
|
|
2 |
|
|
|
35,842 |
|
|
|
1,408,351 |
|
|
|
0.7 |
% |
|
|
1.0 |
% |
|
JP Morgan Chase |
|
|
6 |
|
|
|
23,853 |
|
|
|
1,367,469 |
|
|
|
0.5 |
% |
|
|
1.0 |
% |
|
Dick's Sporting Goods, Inc |
|
|
2 |
|
|
|
86,415 |
|
|
|
1,321,634 |
|
|
|
1.7 |
% |
|
|
1.0 |
% |
|
Citibank |
|
|
4 |
|
|
|
16,160 |
|
|
|
1,267,025 |
|
|
|
0.3 |
% |
|
|
0.9 |
% |
|
TOTAL |
|
|
65 |
|
|
|
1,982,266 |
|
|
$ |
50,156,045 |
|
|
|
39.7 |
% |
|
|
36.0 |
% |
__________
|
|
1. |
Does not include tenants that operate at only one Acadia Core location |
|
|
2. |
Walgreens (4 locations), Rite Aid (2 locations) |
|
|
3. |
Stop and Shop (3 locations) |
|
|
4. |
Bed Bath and Beyond (2 locations), Christmas Tree Shops (1 location) |
|
|
6. |
Ann Taylor Loft (2 locations), Catherine’s (1 location), Lane Bryant (1 location) |
|
|
7. |
Old Navy (2 locations), Banana Republic (1 location) |
|
|
8. |
Shaw’s (2 locations) |
|
|
9. |
Kate Spade (2 locations) |
|
|
30 |
|
|
|
Street Tenants |
|
|
Anchor Tenants |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
||||||||
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
|
M to M 1 |
|
|
3 |
|
|
|
4,356 |
|
|
|
0.6 |
% |
|
$ |
50.81 |
|
|
|
0.3 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|
2020 |
|
|
11 |
|
|
|
28,927 |
|
|
|
3.8 |
% |
|
|
135.94 |
|
|
|
5.9 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
2021 |
|
|
25 |
|
|
|
94,915 |
|
|
|
12.3 |
% |
|
|
56.75 |
|
|
|
8.0 |
% |
|
|
12 |
|
|
|
513,881 |
|
|
|
19.2 |
% |
|
|
14.59 |
|
|
|
18.5 |
% |
|
2022 |
|
|
12 |
|
|
|
53,607 |
|
|
|
7.0 |
% |
|
|
119.38 |
|
|
|
9.5 |
% |
|
|
4 |
|
|
|
172,605 |
|
|
|
6.4 |
% |
|
|
15.71 |
|
|
|
6.7 |
% |
|
2023 |
|
|
17 |
|
|
|
134,281 |
|
|
|
17.4 |
% |
|
|
76.59 |
|
|
|
15.3 |
% |
|
|
9 |
|
|
|
403,062 |
|
|
|
15.0 |
% |
|
|
18.35 |
|
|
|
18.3 |
% |
|
2024 |
|
|
11 |
|
|
|
62,314 |
|
|
|
8.1 |
% |
|
|
89.10 |
|
|
|
8.3 |
% |
|
|
12 |
|
|
|
470,161 |
|
|
|
17.5 |
% |
|
|
11.97 |
|
|
|
13.9 |
% |
|
2025 |
|
|
16 |
|
|
|
51,646 |
|
|
|
6.7 |
% |
|
|
145.94 |
|
|
|
11.2 |
% |
|
|
9 |
|
|
|
360,332 |
|
|
|
13.4 |
% |
|
|
17.63 |
|
|
|
15.7 |
% |
|
2026 |
|
|
16 |
|
|
|
34,319 |
|
|
|
4.5 |
% |
|
|
123.93 |
|
|
|
6.3 |
% |
|
|
3 |
|
|
|
72,216 |
|
|
|
2.7 |
% |
|
|
13.07 |
|
|
|
2.3 |
% |
|
2027 |
|
|
9 |
|
|
|
29,113 |
|
|
|
3.8 |
% |
|
|
104.86 |
|
|
|
4.6 |
% |
|
|
1 |
|
|
|
45,000 |
|
|
|
1.7 |
% |
|
|
23.10 |
|
|
|
2.6 |
% |
|
2028 |
|
|
10 |
|
|
|
145,048 |
|
|
|
18.8 |
% |
|
|
61.31 |
|
|
|
13.3 |
% |
|
|
7 |
|
|
|
409,287 |
|
|
|
15.3 |
% |
|
|
12.93 |
|
|
|
13.1 |
% |
|
2029 |
|
|
10 |
|
|
|
41,006 |
|
|
|
5.3 |
% |
|
|
108.53 |
|
|
|
6.6 |
% |
|
|
3 |
|
|
|
89,164 |
|
|
|
3.3 |
% |
|
|
16.12 |
|
|
|
3.5 |
% |
|
Thereafter |
|
|
9 |
|
|
|
91,156 |
|
|
|
11.7 |
% |
|
|
77.84 |
|
|
|
10.7 |
% |
|
|
4 |
|
|
|
147,502 |
|
|
|
5.5 |
% |
|
|
14.82 |
|
|
|
5.4 |
% |
|
Total |
|
|
149 |
|
|
|
770,688 |
|
|
|
100.0 |
% |
|
$ |
87.01 |
|
|
|
100.0 |
% |
|
|
64 |
|
|
|
2,683,210 |
|
|
|
100.0 |
% |
|
$ |
15.07 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Vacant |
|
|
|
57,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Square Feet |
|
|
|
828,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,971,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shop Tenants |
|
|
Total Tenants |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
||||||||||||||||||||
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
Percent |
|
||||||||
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
||||||||||
|
M to M 1 |
|
|
3 |
|
|
|
9,638 |
|
|
|
1.0 |
% |
|
$ |
25.85 |
|
|
|
0.8 |
% |
|
|
6 |
|
|
|
13,994 |
|
|
|
0.3 |
% |
|
$ |
33.62 |
|
|
|
0.3 |
% |
|
2020 |
|
|
22 |
|
|
|
63,354 |
|
|
|
6.5 |
% |
|
|
25.47 |
|
|
|
5.2 |
% |
|
|
33 |
|
|
|
92,281 |
|
|
|
2.1 |
% |
|
|
60.10 |
|
|
|
4.0 |
% |
|
2021 |
|
|
37 |
|
|
|
149,600 |
|
|
|
15.3 |
% |
|
|
23.98 |
|
|
|
11.5 |
% |
|
|
74 |
|
|
|
758,396 |
|
|
|
17.1 |
% |
|
|
21.72 |
|
|
|
11.9 |
% |
|
2022 |
|
|
37 |
|
|
|
119,482 |
|
|
|
12.2 |
% |
|
|
34.95 |
|
|
|
13.4 |
% |
|
|
53 |
|
|
|
345,694 |
|
|
|
7.8 |
% |
|
|
38.44 |
|
|
|
9.6 |
% |
|
2023 |
|
|
35 |
|
|
|
128,964 |
|
|
|
13.2 |
% |
|
|
30.56 |
|
|
|
12.6 |
% |
|
|
61 |
|
|
|
666,307 |
|
|
|
15.0 |
% |
|
|
32.45 |
|
|
|
15.6 |
% |
|
2024 |
|
|
33 |
|
|
|
124,344 |
|
|
|
12.7 |
% |
|
|
31.05 |
|
|
|
12.4 |
% |
|
|
56 |
|
|
|
656,819 |
|
|
|
14.8 |
% |
|
|
22.90 |
|
|
|
10.8 |
% |
|
2025 |
|
|
26 |
|
|
|
74,175 |
|
|
|
7.6 |
% |
|
|
29.97 |
|
|
|
7.1 |
% |
|
|
51 |
|
|
|
486,153 |
|
|
|
11.0 |
% |
|
|
33.14 |
|
|
|
11.6 |
% |
|
2026 |
|
|
14 |
|
|
|
55,144 |
|
|
|
5.6 |
% |
|
|
35.13 |
|
|
|
6.2 |
% |
|
|
33 |
|
|
|
161,679 |
|
|
|
3.6 |
% |
|
|
44.13 |
|
|
|
5.1 |
% |
|
2027 |
|
|
13 |
|
|
|
52,971 |
|
|
|
5.4 |
% |
|
|
29.85 |
|
|
|
5.1 |
% |
|
|
23 |
|
|
|
127,084 |
|
|
|
2.9 |
% |
|
|
44.64 |
|
|
|
4.1 |
% |
|
2028 |
|
|
24 |
|
|
|
120,095 |
|
|
|
12.3 |
% |
|
|
35.94 |
|
|
|
13.8 |
% |
|
|
41 |
|
|
|
674,430 |
|
|
|
15.2 |
% |
|
|
27.43 |
|
|
|
13.3 |
% |
|
2029 |
|
|
10 |
|
|
|
27,482 |
|
|
|
2.8 |
% |
|
|
28.35 |
|
|
|
2.5 |
% |
|
|
23 |
|
|
|
157,652 |
|
|
|
3.6 |
% |
|
|
42.29 |
|
|
|
4.8 |
% |
|
Thereafter |
|
|
14 |
|
|
|
52,893 |
|
|
|
5.4 |
% |
|
|
55.47 |
|
|
|
9.4 |
% |
|
|
27 |
|
|
|
291,551 |
|
|
|
6.6 |
% |
|
|
41.90 |
|
|
|
8.9 |
% |
|
Total |
|
|
268 |
|
|
|
978,142 |
|
|
|
100.0 |
% |
|
$ |
31.81 |
|
|
|
100.0 |
% |
|
|
481 |
|
|
|
4,432,040 |
|
|
|
100.0 |
% |
|
$ |
31.18 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Vacant |
|
|
|
210,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Square Feet |
|
|
|
1,188,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,988,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
|
1. |
Leases currently under month to month or in process of renewal |
|
|
31 |
|
|
|
Quarter Ended |
|
|
Year to Date |
|
|||||||||||||||||||||||||||||||||||
|
|
|
March 31, 2019 |
|
|
June 30, 2019 |
|
|
September 30, 2019 |
|
|
December 31, 2019 |
|
|
December 31, 2019 |
|
|||||||||||||||||||||||||
|
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
|
GAAP 2 |
|
|
Cash 3 |
|
||||||||||
|
New Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new leases executed |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
7 |
|
|
|
7 |
|
|
GLA |
|
|
4,299 |
|
|
|
4,299 |
|
|
|
773 |
|
|
|
773 |
|
|
|
52,466 |
|
|
|
52,466 |
|
|
|
3,590 |
|
|
|
3,590 |
|
|
|
61,128 |
|
|
|
61,128 |
|
|
New base rent |
|
$ |
58.64 |
|
|
$ |
55.99 |
|
|
$ |
36.21 |
|
|
$ |
38.12 |
|
|
$ |
20.38 |
|
|
$ |
17.63 |
|
|
$ |
47.80 |
|
|
$ |
45.76 |
|
|
$ |
24.88 |
|
|
$ |
22.24 |
|
|
Previous base rent |
|
$ |
46.22 |
|
|
$ |
51.71 |
|
|
$ |
34.97 |
|
|
$ |
39.45 |
|
|
$ |
15.79 |
|
|
$ |
18.59 |
|
|
$ |
36.72 |
|
|
$ |
36.83 |
|
|
$ |
19.40 |
|
|
$ |
22.25 |
|
|
Average cost per square foot |
|
$ |
68.49 |
|
|
$ |
68.49 |
|
|
$ |
51.69 |
|
|
$ |
51.69 |
|
|
$ |
28.66 |
|
|
$ |
28.66 |
|
|
$ |
64.87 |
|
|
$ |
64.87 |
|
|
$ |
33.88 |
|
|
$ |
33.88 |
|
|
Weighted Average Lease Term (years) |
|
|
8.7 |
|
|
|
8.7 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
19.9 |
|
|
|
19.9 |
|
|
|
8.6 |
|
|
|
8.6 |
|
|
|
18.3 |
|
|
|
18.3 |
|
|
Percentage growth in base rent 4 |
|
|
26.9 |
% |
|
|
8.3 |
% |
|
|
3.5 |
% |
|
|
(3.4 |
)% |
|
|
29.1 |
% |
|
|
(5.2 |
)% |
|
|
30.2 |
% |
|
|
24.2 |
% |
|
|
28.2 |
% |
|
|
(0.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of renewal leases executed |
|
|
6 |
|
|
|
6 |
|
|
|
7 |
|
|
|
7 |
|
|
|
15 |
|
|
|
15 |
|
|
|
7 |
|
|
|
7 |
|
|
|
35 |
|
|
|
35 |
|
|
GLA |
|
|
118,172 |
|
|
|
118,172 |
|
|
|
114,669 |
|
|
|
114,669 |
|
|
|
202,065 |
|
|
|
202,065 |
|
|
|
11,397 |
|
|
|
11,397 |
|
|
|
446,303 |
|
|
|
446,303 |
|
|
New base rent |
|
$ |
4.49 |
|
|
$ |
4.47 |
|
|
$ |
15.69 |
|
|
$ |
15.41 |
|
|
$ |
25.16 |
|
|
$ |
24.35 |
|
|
$ |
27.14 |
|
|
$ |
25.81 |
|
|
$ |
17.30 |
|
|
$ |
16.83 |
|
|
Expiring base rent |
|
$ |
4.39 |
|
|
$ |
4.43 |
|
|
$ |
14.54 |
|
|
$ |
14.55 |
|
|
$ |
21.56 |
|
|
$ |
22.85 |
|
|
$ |
23.85 |
|
|
$ |
24.68 |
|
|
$ |
15.27 |
|
|
$ |
15.89 |
|
|
Average cost per square foot |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.86 |
|
|
$ |
1.86 |
|
|
$ |
2.47 |
|
|
$ |
2.47 |
|
|
$ |
1.75 |
|
|
$ |
1.75 |
|
|
$ |
1.64 |
|
|
$ |
1.64 |
|
|
Weighted Average Lease Term (years) |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
5.9 |
|
|
|
5.9 |
|
|
|
5.4 |
|
|
|
5.4 |
|
|
|
5.5 |
|
|
|
5.5 |
|
|
|
5.4 |
|
|
|
5.4 |
|
|
Percentage growth in base rent |
|
|
2.3 |
% |
|
|
0.9 |
% |
|
|
7.9 |
% |
|
|
5.9 |
% |
|
|
16.7 |
% |
|
|
6.6 |
% |
|
|
13.8 |
% |
|
|
4.6 |
% |
|
|
13.3 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total New and Renewal Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of new and renewal leases executed |
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
|
|
17 |
|
|
|
17 |
|
|
|
9 |
|
|
|
9 |
|
|
|
42 |
|
|
|
42 |
|
|
GLA commencing |
|
|
122,471 |
|
|
|
122,471 |
|
|
|
115,442 |
|
|
|
115,442 |
|
|
|
254,531 |
|
|
|
254,531 |
|
|
|
14,987 |
|
|
|
14,987 |
|
|
|
507,431 |
|
|
|
507,431 |
|
|
New base rent |
|
$ |
6.39 |
|
|
$ |
6.28 |
|
|
$ |
15.83 |
|
|
$ |
15.56 |
|
|
$ |
24.17 |
|
|
$ |
22.96 |
|
|
$ |
32.09 |
|
|
$ |
30.59 |
|
|
$ |
18.22 |
|
|
$ |
17.48 |
|
|
Expiring base rent |
|
$ |
5.86 |
|
|
$ |
6.09 |
|
|
$ |
14.68 |
|
|
$ |
14.72 |
|
|
$ |
20.37 |
|
|
$ |
21.97 |
|
|
$ |
26.93 |
|
|
$ |
27.59 |
|
|
$ |
15.77 |
|
|
$ |
16.65 |
|
|
Average cost per square foot |
|
$ |
2.40 |
|
|
$ |
2.40 |
|
|
$ |
2.19 |
|
|
$ |
2.19 |
|
|
$ |
7.87 |
|
|
$ |
7.87 |
|
|
$ |
16.87 |
|
|
$ |
16.87 |
|
|
$ |
5.52 |
|
|
$ |
5.52 |
|
|
Weighted Average Lease Term (years) |
|
|
5.0 |
|
|
|
5.0 |
|
|
|
5.9 |
|
|
|
5.9 |
|
|
|
8.4 |
|
|
|
8.4 |
|
|
|
6.2 |
|
|
|
6.2 |
|
|
|
6.9 |
|
|
|
6.9 |
|
|
Percentage growth in base rent |
|
|
9.1 |
% |
|
|
3.1 |
% |
|
|
7.8 |
% |
|
|
5.7 |
% |
|
|
18.7 |
% |
|
|
4.5 |
% |
|
|
19.1 |
% |
|
|
10.9 |
% |
|
|
15.5 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
1. |
Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's major redevelopment projects; renewal leases include exercised options. |
|
|
2. |
Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments. |
|
|
3. |
Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration and includes any percentage rent paid as well. New rent is that which is paid at commencement. |
|
|
4. |
Rent spreads for September 30, 2019 include a lease encompassing 414 square feet on Madison Avenue, New York City. |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year to Date |
|
||||||||||||||||||
|
|
|
March 31, 2019 |
|
|
June 30, 2019 |
|
|
September 30, 2019 |
|
|
December 31, 2019 |
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
||||||
|
Leasing Commissions |
|
$ |
537 |
|
|
$ |
584 |
|
|
$ |
312 |
|
|
$ |
221 |
|
|
$ |
1,654 |
|
|
$ |
1,877 |
|
|
Tenant Improvements |
|
|
1,810 |
|
|
|
1,834 |
|
|
|
450 |
|
|
|
1,505 |
|
|
|
5,599 |
|
|
|
10,076 |
|
|
Maintenance Capital Expenditures |
|
|
527 |
|
|
|
231 |
|
|
|
1,220 |
|
|
|
1,735 |
|
|
|
3,713 |
|
|
|
3,154 |
|
|
Total Capital Expenditures |
|
$ |
2,874 |
|
|
$ |
2,649 |
|
|
$ |
1,982 |
|
|
$ |
3,461 |
|
|
$ |
10,966 |
|
|
$ |
15,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
|
|
I. KEY METRICS |
|
Fund I |
|
Fund II |
|
Fund III |
|
Fund IV |
|
Fund V |
|
Total |
||||||||||||||||||||||||||||||
|
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage |
|
|
Sep-2001 |
|
|
Jun-2004 |
|
|
May-2007 |
|
|
May-2012 |
|
|
Aug-2016 |
|
|
|
||||||||||||||||||||||||
|
Fund Size |
|
$ |
|
90.0 |
|
Million |
|
$ |
|
300.0 |
|
Million |
|
$ |
|
502.5 |
|
Million |
|
$ |
|
540.6 |
|
Million |
|
$ |
|
520.0 |
|
Million |
|
$ |
|
1,953.1 |
|
Million |
||||||
|
Acadia's Commitment |
|
$ |
|
20.0 |
|
Million |
|
$ |
|
85.0 |
|
Million |
|
$ |
|
123.3 |
|
Million |
|
$ |
|
125.0 |
|
Million |
|
$ |
|
104.5 |
|
Million |
|
$ |
|
457.8 |
|
Million |
||||||
|
Acadia's Pro Rata Share |
|
|
|
22.2 |
|
% |
|
|
|
|
28.3 |
|
% |
|
|
|
|
24.5 |
|
% |
|
|
|
|
23.1 |
|
% |
|
|
|
|
20.1 |
|
% |
|
|
|
|
23.4 |
|
% |
|
|
Acadia's Promoted Share 1 |
|
|
|
37.8 |
|
% |
|
|
|
|
42.7 |
|
% |
|
|
|
|
39.6 |
|
% |
|
|
|
|
38.5 |
|
% |
|
|
|
|
36.1 |
|
% |
|
|
|
|
38.8 |
|
% |
|
|
Preferred Return |
|
|
|
9.0 |
|
% |
|
|
|
|
8.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Contributions 2 |
|
$ |
|
86.6 |
|
Million |
|
$ |
|
347.1 |
|
Million |
|
$ |
|
436.4 |
|
Million |
|
$ |
|
438.1 |
|
Million |
|
$ |
|
213.3 |
|
Million |
|
$ |
|
1,521.5 |
|
Million |
||||||
|
Cumulative Net Distributions 3 |
|
$ |
|
195.4 |
|
Million |
|
$ |
|
146.6 |
|
Million |
|
$ |
|
568.8 |
|
Million |
|
$ |
|
193.1 |
|
Million |
|
$ |
|
11.1 |
|
Million |
|
$ |
|
1,115.1 |
|
Million |
||||||
|
Net Distributions/Contributions |
|
|
|
225.6 |
|
% |
|
|
|
|
42.2 |
|
% |
|
|
|
|
130.3 |
|
% |
|
|
|
|
44.1 |
|
% |
|
|
|
|
5.2 |
|
% |
|
|
|
|
73.3 |
|
% |
|
|
Unfunded Commitment 4 |
|
$ |
|
0.0 |
|
Million |
|
$ |
|
15.0 |
|
Million |
|
$ |
|
13.6 |
|
Million |
|
$ |
|
91.9 |
|
Million |
|
$ |
|
306.7 |
|
Million |
|
$ |
|
427.2 |
|
Million |
||||||
|
Acquisition Dry Powder 5 |
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|
|
|
|
$ |
|
208.0 |
|
Million |
|
$ |
|
208.0 |
|
Million |
||||||
|
Investment Period Closes 6 |
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Aug-2020 |
|
|
|
|
|
|
|
|
|
|
|||||
|
Currently in a Promote Position? (Yes/No) |
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type: |
|
|
Applicable to |
|
|
Description |
||||||||||||||||||||||||||||||||||||
|
Asset Management 7 |
|
|
Fund I & II |
|
|
1.5% of Implied Capital |
||||||||||||||||||||||||||||||||||||
|
Asset Management |
|
|
Fund III |
|
|
Until mid-May 2020, 1.5% of Implied Capital; from mid-May 2020 to mid-May 2021, 0.75% of Implied Capital excluding the Unfunded Commitment; thereafter $0 |
||||||||||||||||||||||||||||||||||||
|
Asset Management 7 |
|
|
Fund IV & V |
|
|
1.5% of Implied Capital during the investment period, 1.25% of Implied Capital post-investment period |
||||||||||||||||||||||||||||||||||||
|
Property Management |
|
|
All funds |
|
|
4.0% of gross property revenues |
||||||||||||||||||||||||||||||||||||
|
Leasing |
|
|
All funds |
|
|
Market-rate leasing commissions |
||||||||||||||||||||||||||||||||||||
|
Construction/Project Management |
|
|
All funds |
|
|
Market-rate fees |
||||||||||||||||||||||||||||||||||||
|
Development |
|
|
Fund III, IV & V |
|
|
3.0% of total project costs |
||||||||||||||||||||||||||||||||||||
__________
|
|
1. |
Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro rata share of the remaining 80%. |
|
|
2. |
With regard to Fund II, the additional contributions over original Fund Size reflects a prior-period distribution that was re-contributed to the Fund during 2016 to fund the on-going redevelopment of existing Fund II investments. |
|
|
3. |
Net of fees and promote. Fund I has made its final distribution and was fully liquidated in 2018. |
|
|
4. |
Unfunded Commitments are set aside to complete leasing and development at existing fund investments and to make new Fund V investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales. With regard to Fund II, the Unfunded Commitment reflects a prior-period distribution that is subject to recontribution to the Fund until April 2021. |
|
|
5. |
Unfunded Commitments available to deploy into new unidentified investments. |
|
|
6. |
With regard to Fund V’s investment period, Acadia has a one-year extension option, at its discretion, through August 2021. |
|
|
7. |
Implied Capital is Fund Size less capital attributed to sold investments or released. Post-investment period, Fund IV Implied Capital also excludes $50.0 million of general reserves. |
|
|
34 |
|
|
|
Fund Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
|
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point - Phase I and II |
|
Century 21, Target, Alamo Drafthouse |
|
2007 |
|
|
94.2 |
% |
|
|
— |
|
|
|
289,464 |
|
|
|
180,054 |
|
|
|
469,518 |
|
|
|
— |
% |
|
|
91.5 |
% |
|
|
23.0 |
% |
|
|
65.2 |
% |
|
|
86.2 |
% |
|
$ |
8,856,930 |
|
|
$ |
28.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund II |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
289,464 |
|
|
|
180,054 |
|
|
|
469,518 |
|
|
|
— |
% |
|
|
91.5 |
% |
|
|
23.0 |
% |
|
|
65.2 |
% |
|
|
86.2 |
% |
|
$ |
8,856,930 |
|
|
$ |
28.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund III Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
654 Broadway |
|
─ |
|
2011 |
|
|
100.0 |
% |
|
|
2,896 |
|
|
|
— |
|
|
|
— |
|
|
|
2,896 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100 |
% |
|
|
100.0 |
% |
|
$ |
455,000 |
|
|
$ |
157.11 |
|
|
640 Broadway |
|
Swatch |
|
2012 |
|
|
63.1 |
% |
|
|
4,637 |
|
|
|
— |
|
|
|
— |
|
|
|
4,637 |
|
|
|
73.1 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
73.1 |
% |
|
|
73.1 |
% |
|
|
942,161 |
|
|
|
277.91 |
|
|
Cortlandt Crossing |
|
ShopRite, HomeSense |
|
2012 |
|
|
100.0 |
% |
|
|
— |
|
|
|
67,868 |
|
|
|
59,981 |
|
|
|
127,849 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
49.8 |
% |
|
|
76.5 |
% |
|
|
81.1 |
% |
|
|
2,632,143 |
|
|
|
26.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund III |
|
|
|
|
|
|
|
|
|
|
7,533 |
|
|
|
67,868 |
|
|
|
59,981 |
|
|
|
135,382 |
|
|
|
83.4 |
% |
|
|
100.0 |
% |
|
|
49.8 |
% |
|
|
76.9 |
% |
|
|
81.3 |
% |
|
$ |
4,029,304 |
|
|
$ |
38.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund IV Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
801 Madison Avenue |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
2,522 |
|
|
|
— |
|
|
|
— |
|
|
|
2,522 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
210 Bowery |
|
─ |
|
2012 |
|
|
100.0 |
% |
|
|
2,538 |
|
|
|
— |
|
|
|
— |
|
|
|
2,538 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
27 East 61st Street |
|
─ |
|
2014 |
|
|
100.0 |
% |
|
|
4,177 |
|
|
|
— |
|
|
|
— |
|
|
|
4,177 |
|
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
17 East 71st Street |
|
The Row |
|
2014 |
|
|
100.0 |
% |
|
|
8,432 |
|
|
|
— |
|
|
|
— |
|
|
|
8,432 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
2,113,110 |
|
|
|
250.61 |
|
|
1035 Third Avenue 2 |
|
─ |
|
2015 |
|
|
100.0 |
% |
|
|
7,617 |
|
|
|
— |
|
|
|
— |
|
|
|
7,617 |
|
|
|
58.7 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
58.7 |
% |
|
|
58.7 |
% |
|
|
1,029,564 |
|
|
|
230.38 |
|
|
Colonie Plaza |
|
Price Chopper, Big Lots |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
96,000 |
|
|
|
57,483 |
|
|
|
153,483 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
86.5 |
% |
|
|
94.9 |
% |
|
|
95.8 |
% |
|
|
1,662,817 |
|
|
|
11.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus Plaza |
|
Ashley Furniture, Marshalls |
|
2013 |
|
|
50.0 |
% |
|
|
— |
|
|
|
64,105 |
|
|
|
88,955 |
|
|
|
153,060 |
|
|
|
— |
% |
|
|
39.0 |
% |
|
|
97.3 |
% |
|
|
72.9 |
% |
|
|
100.0 |
% |
|
|
2,103,780 |
|
|
|
18.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOSTON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants at Fort Point |
|
─ |
|
2016 |
|
|
100.0 |
% |
|
|
15,711 |
|
|
|
— |
|
|
|
— |
|
|
|
15,711 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
990,230 |
|
|
|
63.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport Mall |
|
Hannaford, Marshalls |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
131,042 |
|
|
|
90,788 |
|
|
|
221,830 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
23.3 |
% |
|
|
68.6 |
% |
|
|
87.2 |
% |
|
|
1,027,139 |
|
|
|
6.75 |
|
|
Wells Plaza |
|
Reny's, Dollar Tree |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
62,471 |
|
|
|
27,963 |
|
|
|
90,434 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.7 |
% |
|
|
98.3 |
% |
|
|
98.3 |
% |
|
|
737,326 |
|
|
|
8.29 |
|
|
Shaw's Plaza (Waterville) |
|
Shaw's |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
87,492 |
|
|
|
31,523 |
|
|
|
119,015 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
1,400,053 |
|
|
|
11.76 |
|
|
Shaw's Plaza (Windham) |
|
Shaw's |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
66,698 |
|
|
|
57,632 |
|
|
|
124,330 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
75.0 |
% |
|
|
88.4 |
% |
|
|
88.4 |
% |
|
|
1,035,744 |
|
|
|
9.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dauphin Plaza |
|
Price Rite, Ashley Furniture |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
114,765 |
|
|
|
91,441 |
|
|
|
206,206 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
79.9 |
% |
|
|
91.1 |
% |
|
|
91.1 |
% |
|
|
1,732,892 |
|
|
|
9.23 |
|
|
Mayfair Shopping Center |
|
Planet Fitness, Dollar Tree |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
25,673 |
|
|
|
89,738 |
|
|
|
115,411 |
|
|
|
— |
% |
|
|
100 |
% |
|
|
83.0 |
% |
|
|
86.8 |
% |
|
|
97.4 |
% |
|
|
1,690,741 |
|
|
|
16.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650 Bald Hill Road |
|
Dick's Sporting Goods, Burlington Coat Factory |
|
2015 |
|
|
90.0 |
% |
|
|
— |
|
|
|
55,000 |
|
|
|
105,448 |
|
|
|
160,448 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
77.7 |
% |
|
|
85.3 |
% |
|
|
85.3 |
% |
|
|
1,978,902 |
|
|
|
14.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
|
Fund Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promenade at Manassas |
|
Home Depot |
|
2013 |
|
|
98.6 |
% |
|
|
— |
|
|
|
209,356 |
|
|
|
71,404 |
|
|
|
280,760 |
|
|
|
— |
% |
|
|
79.3 |
% |
|
|
94.7 |
% |
|
|
83.2 |
% |
|
|
98.6 |
% |
|
|
3,122,520 |
|
|
|
13.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eden Square |
|
Giant Food, LA Fitness |
|
2014 |
|
|
98.6 |
% |
|
|
— |
|
|
|
116,003 |
|
|
|
115,071 |
|
|
|
231,074 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
71.7 |
% |
|
|
85.9 |
% |
|
|
85.9 |
% |
|
|
3,045,812 |
|
|
|
15.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Place |
|
Kohl's, Marshall's, Ross |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
144,302 |
|
|
|
127,758 |
|
|
|
272,060 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
99.2 |
% |
|
|
99.6 |
% |
|
|
99.6 |
% |
|
|
3,315,314 |
|
|
|
12.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broughton Street Portfolio (13 properties) |
|
H&M, Lululemon, Michael Kors, Starbucks |
|
2014 |
|
|
82.8 |
% |
|
|
100,676 |
|
|
|
— |
|
|
|
— |
|
|
|
100,676 |
|
|
|
83.7 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
83.7 |
% |
|
|
83.7 |
% |
|
|
3,152,794 |
|
|
|
37.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wake Forest Crossing |
|
Lowe's, TJ Maxx |
|
2016 |
|
|
100.0 |
% |
|
|
— |
|
|
|
113,353 |
|
|
|
89,527 |
|
|
|
202,880 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
97.0 |
% |
|
|
98.7 |
% |
|
|
99.3 |
% |
|
|
2,951,295 |
|
|
|
14.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Union and Fillmore Collection (3 properties) |
|
Eileen Fisher, L'Occitane, Bonobos |
|
2015 |
|
|
90.0 |
% |
|
|
7,148 |
|
|
|
— |
|
|
|
— |
|
|
|
7,148 |
|
|
|
100.0 |
% |
|
|
— |
% |
|
|
— |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
716,262 |
|
|
|
100.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund IV |
|
|
|
|
|
|
|
|
|
|
148,821 |
|
|
|
1,286,260 |
|
|
|
1,044,731 |
|
|
|
2,479,812 |
|
|
|
80.7 |
% |
|
|
93.6 |
% |
|
|
81.5 |
% |
|
|
87.7 |
% |
|
|
93.6 |
% |
|
$ |
33,806,295 |
|
|
$ |
15.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund V Portfolio Detail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plaza Santa Fe |
|
TJ Maxx, Best Buy, Ross Dress for Less |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
153,983 |
|
|
|
70,240 |
|
|
|
224,223 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
98.2 |
% |
|
|
99.4 |
% |
|
|
99.4 |
% |
|
|
3,952,239 |
|
|
|
17.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Towne Plaza |
|
Kohl's, Jo-Ann's, DSW |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
145,389 |
|
|
|
48,057 |
|
|
|
193,446 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
75.7 |
% |
|
|
94.0 |
% |
|
|
98.3 |
% |
|
|
2,125,496 |
|
|
|
11.69 |
|
|
Fairlane Green |
|
TJ Maxx, Michaels, Bed Bath & Beyond |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
109,916 |
|
|
|
142,988 |
|
|
|
252,904 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
92.5 |
% |
|
|
95.7 |
% |
|
|
95.7 |
% |
|
|
5,021,289 |
|
|
|
20.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frederick County Acquisitions |
|
Kmart, Kohl's, Best Buy, Ross Dress for Less |
|
2019 |
|
|
90.0 |
% |
|
|
— |
|
|
|
295,498 |
|
|
|
228,658 |
|
|
|
524,156 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
79.5 |
% |
|
|
91.1 |
% |
|
|
97.9 |
% |
|
|
6,206,501 |
|
|
|
13.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tri-City Plaza |
|
TJ Maxx, HomeGoods |
|
2019 |
|
|
90.0 |
% |
|
|
— |
|
|
|
154,714 |
|
|
|
145,353 |
|
|
|
300,067 |
|
|
|
— |
% |
|
|
36.1 |
% |
|
|
78.5 |
% |
|
|
56.7 |
% |
|
|
90.5 |
% |
|
|
2,726,231 |
|
|
|
16.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lincoln Commons |
|
Stop and Shop, Marshalls, HomeGoods |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
194,470 |
|
|
|
260,971 |
|
|
|
455,441 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
73.5 |
% |
|
|
84.8 |
% |
|
|
84.8 |
% |
|
|
5,104,039 |
|
|
|
13.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstown Commons |
|
Best Buy, Bed Bath & Beyond, Ross Dress for Less |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
87,883 |
|
|
|
316,925 |
|
|
|
404,808 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
95.3 |
% |
|
|
96.3 |
% |
|
|
97.3 |
% |
|
|
7,917,849 |
|
|
|
20.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
|
|
|
Fund Portfolio Retail Properties – Detail 1 |
|
Supplemental Report – December 31, 2019 |
(in thousands) |
|
|
|
|
|
Year |
|
Fund |
|
|
Gross Leasable Area |
|
|
In Place Occupancy |
|
|
Leased |
|
|
Annualized |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Street |
|
|
Anchors |
|
|
Shops |
|
|
Total |
|
|
Occupancy |
|
|
Base Rent (ABR) |
|
|
ABR PSF |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palm Coast Landing |
|
TJ Maxx, PetSmart, Ross Dress for Less |
|
2019 |
|
|
100.0 |
% |
|
|
— |
|
|
|
73,241 |
|
|
|
98,083 |
|
|
|
171,324 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
89.5 |
% |
|
|
94.0 |
% |
|
|
94.0 |
% |
|
|
3,233,194 |
|
|
|
20.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hickory Ridge |
|
Kohl's, Best Buy, Dick's |
|
2017 |
|
|
100.0 |
% |
|
|
— |
|
|
|
266,584 |
|
|
|
113,981 |
|
|
|
380,565 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
94.2 |
% |
|
|
98.3 |
% |
|
|
98.3 |
% |
|
|
4,295,679 |
|
|
|
11.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trussville Promenade |
|
Wal-Mart, Regal Cinemas |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
366,010 |
|
|
|
97,715 |
|
|
|
463,725 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
80.3 |
% |
|
|
95.9 |
% |
|
|
95.9 |
% |
|
|
4,471,270 |
|
|
|
10.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hiram Pavilion |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
209,423 |
|
|
|
153,252 |
|
|
|
362,675 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
96.7 |
% |
|
|
98.6 |
% |
|
|
98.6 |
% |
|
|
4,228,143 |
|
|
|
11.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elk Grove Commons |
|
Kohl's, HomeGoods |
|
2018 |
|
|
100.0 |
% |
|
|
— |
|
|
|
132,315 |
|
|
|
88,411 |
|
|
|
220,726 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
89.9 |
% |
|
|
96.0 |
% |
|
|
96.0 |
% |
|
|
4,677,104 |
|
|
|
22.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Family Center at Riverdale |
|
Target, Gordman's, Sportman's Warehouse |
|
2019 |
|
|
89.4 |
% |
|
|
— |
|
|
|
256,352 |
|
|
|
171,476 |
|
|
|
427,828 |
|
|
|
— |
% |
|
|
100.0 |
% |
|
|
91.7 |
% |
|
|
96.7 |
% |
|
|
96.7 |
% |
|
|
4,027,458 |
|
|
|
9.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total - Fund V |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
2,445,778 |
|
|
|
1,936,110 |
|
|
|
4,381,888 |
|
|
|
— |
% |
|
|
96.0 |
% |
|
|
87.1 |
% |
|
|
92.0 |
% |
|
|
95.5 |
% |
|
$ |
57,986,492 |
|
|
$ |
14.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FUND PROPERTIES |
|
|
|
156,354 |
|
|
|
4,089,370 |
|
|
|
3,220,876 |
|
|
|
7,466,600 |
|
|
|
80.8 |
% |
|
|
95.0 |
% |
|
|
81.0 |
% |
|
|
88.6 |
% |
|
|
94.0 |
% |
|
$ |
104,679,021 |
|
|
$ |
15.82 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share of Total Fund Properties |
|
|
|
31,664 |
|
|
|
858,641 |
|
|
|
668,965 |
|
|
|
1,559,270 |
|
|
|
78.4 |
% |
|
|
95.5 |
% |
|
|
79.6 |
% |
|
|
88.3 |
% |
|
|
93.7 |
% |
|
$ |
22,040,271 |
|
|
$ |
16.00 |
|
|||||||
__________
|
|
1. |
Excludes properties under development, see “Development and Redevelopment Activity” page of this Supplemental Report. The above occupancy and rent amounts do not include space which is currently leased, other than "leased occupancy," but for which rent payment has not yet commenced. Residential and office GLA is excluded. |
|
|
2. |
Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (131 spaces). |
|
|
37 |
|
|
|
|
FUND II |
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
|||||||||||||||||||||
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
||||||||
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
|
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
2021 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
2022 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
2023 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
2 |
|
|
|
161 |
|
|
|
0.6 |
% |
|
|
42,280 |
|
|
|
262.61 |
|
|
|
4.7 |
% |
|
2024 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
112 |
|
|
|
0.4 |
% |
|
|
37,105 |
|
|
|
331.29 |
|
|
|
4.1 |
% |
|
2026 |
|
|
1 |
|
|
|
655 |
|
|
|
0.8 |
% |
|
|
67,187 |
|
|
|
102.58 |
|
|
|
2.8 |
% |
|
|
1 |
|
|
|
110 |
|
|
|
0.4 |
% |
|
|
35,924 |
|
|
|
326.58 |
|
|
|
4.0 |
% |
|
2027 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
2028 |
|
|
2 |
|
|
|
5,951 |
|
|
|
7.3 |
% |
|
|
388,325 |
|
|
|
65.25 |
|
|
|
16.4 |
% |
|
|
1 |
|
|
|
6,125 |
|
|
|
24.3 |
% |
|
|
140,875 |
|
|
|
23.00 |
|
|
|
15.6 |
% |
|
2029 |
|
|
1 |
|
|
|
254 |
|
|
|
0.3 |
% |
|
|
34,243 |
|
|
|
134.81 |
|
|
|
1.4 |
% |
|
|
4 |
|
|
|
2,053 |
|
|
|
8.2 |
% |
|
|
201,411 |
|
|
|
98.11 |
|
|
|
22.3 |
% |
|
Thereafter |
|
|
5 |
|
|
|
74,932 |
|
|
|
91.6 |
% |
|
|
1,875,045 |
|
|
|
25.02 |
|
|
|
79.4 |
% |
|
|
1 |
|
|
|
16,628 |
|
|
|
66.1 |
% |
|
|
444,790 |
|
|
|
26.75 |
|
|
|
49.3 |
% |
|
Total |
|
|
9 |
|
|
|
81,792 |
|
|
|
100.0 |
% |
|
$ |
2,364,800 |
|
|
$ |
28.91 |
|
|
|
100.0 |
% |
|
|
10 |
|
|
|
25,189 |
|
|
|
100.0 |
% |
|
$ |
902,385 |
|
|
$ |
35.83 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,569 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,562 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
125,361 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,751 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
FUND V |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
|
|
|
|
|
GLA |
|
|
|
|
|
|
ABR |
|
||||||||||||||||||||
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
Percent |
|
||||||||
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
||||||||||||
|
M to M 1 |
|
|
5 |
|
|
|
7,686 |
|
|
|
1.6 |
% |
|
$ |
45,480 |
|
|
$ |
5.92 |
|
|
|
0.6 |
% |
|
|
11 |
|
|
|
5,395 |
|
|
|
0.7 |
% |
|
$ |
118,128 |
|
|
$ |
21.90 |
|
|
|
1.0 |
% |
|
2020 |
|
|
24 |
|
|
|
17,807 |
|
|
|
3.7 |
% |
|
|
293,642 |
|
|
|
16.49 |
|
|
|
4.0 |
% |
|
|
44 |
|
|
|
69,923 |
|
|
|
8.9 |
% |
|
|
1,227,985 |
|
|
|
17.56 |
|
|
|
10.8 |
% |
|
2021 |
|
|
35 |
|
|
|
66,685 |
|
|
|
13.9 |
% |
|
|
892,051 |
|
|
|
13.38 |
|
|
|
12.1 |
% |
|
|
59 |
|
|
|
80,257 |
|
|
|
10.2 |
% |
|
|
1,432,850 |
|
|
|
17.85 |
|
|
|
12.6 |
% |
|
2022 |
|
|
23 |
|
|
|
45,340 |
|
|
|
9.4 |
% |
|
|
589,036 |
|
|
|
12.99 |
|
|
|
8.0 |
% |
|
|
61 |
|
|
|
107,019 |
|
|
|
13.6 |
% |
|
|
1,732,116 |
|
|
|
16.19 |
|
|
|
15.2 |
% |
|
2023 |
|
|
22 |
|
|
|
37,089 |
|
|
|
7.7 |
% |
|
|
382,787 |
|
|
|
10.32 |
|
|
|
5.2 |
% |
|
|
55 |
|
|
|
117,323 |
|
|
|
14.9 |
% |
|
|
1,707,713 |
|
|
|
14.56 |
|
|
|
15.0 |
% |
|
2024 |
|
|
20 |
|
|
|
29,896 |
|
|
|
6.2 |
% |
|
|
467,240 |
|
|
|
15.63 |
|
|
|
6.3 |
% |
|
|
51 |
|
|
|
114,046 |
|
|
|
14.5 |
% |
|
|
1,714,380 |
|
|
|
15.03 |
|
|
|
15.0 |
% |
|
2025 |
|
|
25 |
|
|
|
45,835 |
|
|
|
9.5 |
% |
|
|
1,055,689 |
|
|
|
23.03 |
|
|
|
14.3 |
% |
|
|
28 |
|
|
|
139,075 |
|
|
|
17.6 |
% |
|
|
1,410,678 |
|
|
|
10.14 |
|
|
|
12.4 |
% |
|
2026 |
|
|
22 |
|
|
|
36,586 |
|
|
|
7.6 |
% |
|
|
660,042 |
|
|
|
18.04 |
|
|
|
8.9 |
% |
|
|
19 |
|
|
|
23,356 |
|
|
|
3.0 |
% |
|
|
474,780 |
|
|
|
20.33 |
|
|
|
4.2 |
% |
|
2027 |
|
|
13 |
|
|
|
14,470 |
|
|
|
3.0 |
% |
|
|
303,423 |
|
|
|
20.97 |
|
|
|
4.1 |
% |
|
|
6 |
|
|
|
36,746 |
|
|
|
4.7 |
% |
|
|
242,244 |
|
|
|
6.59 |
|
|
|
2.1 |
% |
|
2028 |
|
|
10 |
|
|
|
19,684 |
|
|
|
4.1 |
% |
|
|
273,619 |
|
|
|
13.90 |
|
|
|
3.7 |
% |
|
|
15 |
|
|
|
25,003 |
|
|
|
3.2 |
% |
|
|
444,859 |
|
|
|
17.79 |
|
|
|
3.9 |
% |
|
2029 |
|
|
15 |
|
|
|
76,957 |
|
|
|
16.0 |
% |
|
|
1,268,404 |
|
|
|
16.48 |
|
|
|
17.2 |
% |
|
|
12 |
|
|
|
36,720 |
|
|
|
4.7 |
% |
|
|
390,391 |
|
|
|
10.63 |
|
|
|
3.4 |
% |
|
Thereafter |
|
|
16 |
|
|
|
83,143 |
|
|
|
17.3 |
% |
|
|
1,149,619 |
|
|
|
13.83 |
|
|
|
15.6 |
% |
|
|
11 |
|
|
|
34,098 |
|
|
|
4.0 |
% |
|
|
495,930 |
|
|
|
14.54 |
|
|
|
4.4 |
% |
|
Total |
|
|
230 |
|
|
|
481,178 |
|
|
|
100.0 |
% |
|
$ |
7,381,032 |
|
|
$ |
15.34 |
|
|
|
100.0 |
% |
|
|
372 |
|
|
|
788,961 |
|
|
|
100.0 |
% |
|
$ |
11,392,054 |
|
|
$ |
14.44 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,689 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,330 |
|
|
Total Vacant |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
545,867 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
855,291 |
|
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
||||||||||
__________
|
|
1. |
Leases currently under month to month or in process of renewal |
|
|
38 |
|
|
|
Development and Redevelopment Activity |
|
Supplemental Report – December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Est. SQFT |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition & Development Costs |
|
||||||||||||||||||||||
|
Property |
|
Ownership 1 |
|
|
Location |
|
Estimated Stabilization |
|
Upon Completion |
|
|
Leased Rate |
|
|
Key Tenants |
|
Outstanding Debt |
|
|
Incurred 2 |
|
|
Estimated Future Range |
|
|
Estimated Total Range |
|
|||||||||||||||||||
|
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1238 Wisconsin |
|
100.0% |
|
|
Washington DC |
|
2022 |
|
|
29,000 |
|
|
— |
|
|
TBD |
|
$ |
— |
|
|
$ |
1.3 |
|
|
|
31.3 |
|
|
to |
|
|
32.7 |
|
|
$ |
32.6 |
|
|
to |
|
$ |
34.0 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point Phase III |
|
94.2% |
|
|
Brooklyn, NY |
|
2021 |
|
|
63,000 |
|
|
— |
|
|
TBD |
|
|
24.2 |
|
|
|
10.0 |
|
|
|
52.0 |
|
|
to |
|
|
55.0 |
|
|
|
62.0 |
|
|
to |
|
|
65.0 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broad Hollow Commons |
|
100.0% |
|
|
Farmingdale, NY |
|
2021 |
|
180,000 - 200,000 |
|
|
— |
|
|
TBD |
|
|
— |
|
|
|
17.9 |
|
|
|
32.1 |
|
|
to |
|
|
42.1 |
|
|
|
50.0 |
|
|
to |
|
|
60.0 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110 University Place |
|
100.0% |
|
|
New York, NY |
|
2022 |
|
|
46,000 |
|
|
— |
|
|
TBD |
|
|
— |
|
|
|
14.2 |
|
|
|
6.4 |
|
|
to |
|
|
10.8 |
|
|
|
20.6 |
|
|
to |
|
|
25.0 |
|
||
|
146 Geary |
|
100.0% |
|
|
San Francisco, CA |
|
2022 |
|
|
13,000 |
|
|
— |
|
|
TBD |
|
|
22.9 |
|
|
|
42.6 |
|
|
|
17.4 |
|
|
to |
|
|
22.4 |
|
|
|
60.0 |
|
|
to |
|
|
65.0 |
|
||
|
717 N. Michigan Avenue |
|
100.0% |
|
|
Chicago, IL |
|
2020 |
|
|
62,000 |
|
|
30.0% |
|
|
Disney Store |
|
|
56.7 |
|
|
|
110.0 |
|
|
|
10.0 |
|
|
to |
|
|
17.5 |
|
|
|
120.0 |
|
|
to |
|
|
127.5 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
103.8 |
|
|
$ |
196.0 |
|
|
$ |
149.2 |
|
|
|
|
$ |
180.5 |
|
|
$ |
345.2 |
|
|
|
|
$ |
376.5 |
|
|
Major Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Center |
|
100.0% |
|
|
San Francisco, CA |
|
2021 |
|
|
241,000 |
|
|
90.0% |
|
|
Target |
|
$ |
— |
|
|
$ |
190.2 |
|
|
$ |
4.8 |
|
|
to |
|
$ |
10.8 |
|
|
$ |
195.0 |
|
|
to |
|
$ |
201.0 |
|
||
|
Elmwood Park |
|
100.0% |
|
|
Elmwood Park, NJ |
|
2021 |
|
|
144,000 |
|
|
100.0% |
|
|
Walgreens |
|
|
— |
|
|
|
— |
|
|
TBD |
|
|
to |
|
TBD |
|
|
TBD |
|
|
to |
|
TBD |
|
||||||
|
Route 6 Mall |
|
100.0% |
|
|
Honesdale, PA |
|
TBD |
|
TBD |
|
|
100.0% |
|
|
TBD |
|
|
— |
|
|
|
— |
|
|
TBD |
|
|
to |
|
TBD |
|
|
TBD |
|
|
to |
|
TBD |
|
|||||||
|
Mad River |
|
100.0% |
|
|
Dayton, OH |
|
TBD |
|
TBD |
|
|
50.0% |
|
|
TBD |
|
|
— |
|
|
|
— |
|
|
TBD |
|
|
to |
|
TBD |
|
|
TBD |
|
|
to |
|
TBD |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
190.2 |
|
|
$ |
4.8 |
|
|
|
|
$ |
10.8 |
|
|
$ |
195.0 |
|
|
|
|
$ |
201.0 |
|
|
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
613-623 West Diversey |
|
100.0% |
|
|
Chicago, IL |
|
2020 |
|
|
29,778 |
|
|
76.1% |
|
|
TJ Maxx, Blue Mercury |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point, Phase I and II |
|
94.2% |
|
|
New York, NY |
|
2020 |
|
|
475,000 |
|
|
86.2% |
|
|
Century 21, Target, Alamo Drafthouse |
|
|
259.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cortlandt Crossing |
|
100.0% |
|
|
Mohegan Lake, NY |
|
2020 |
|
|
125,906 |
|
|
81.1% |
|
|
ShopRite, HomeSense |
|
|
35.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
640 Broadway |
|
63.1% |
|
|
New York, NY |
|
2020 |
|
|
4,637 |
|
|
73.1% |
|
|
Swatch |
|
|
39.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paramus Plaza |
|
50.0% |
|
|
Paramus, NJ |
|
2020 |
|
|
150,660 |
|
|
100.0% |
|
|
Ashley Furniture, Marshalls |
|
|
18.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
210 Bowery |
|
100.0% |
|
|
New York, NY |
|
2020 |
|
|
2,538 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
801 Madison |
|
100.0% |
|
|
New York, NY |
|
2020 |
|
|
2,625 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
27 E 61st Street |
|
100.0% |
|
|
New York, NY |
|
2020 |
|
|
4,177 |
|
|
— |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1035 Third Avenue |
|
100.0% |
|
|
New York, NY |
|
2020 |
|
|
7,617 |
|
|
58.7% |
|
|
─ |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
352.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
|
|
39 |
|
|
|
Development and Redevelopment Activity |
|
Supplemental Report – December 31, 2019 |
|
__________
|
|
1. |
Ownership percentage represents the Core or Fund level ownership and not Acadia’s pro rata share. |
|
|
2. |
Incurred amounts include costs associated with the initial carrying value. Reconciles to Consolidated Balance Sheet as follows: |
|
|
|
|
|
|
$ |
196.0 |
|
|
|
Projects in redevelopment or partial development |
|
|
73.0 |
|
||||
|
Deferred costs and other amounts |
|
|
(15.6 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
Total per consolidated balance sheet |
|
$ |
253.4 |
|
||||
Refer to “ Net Asset Valuation Information ” for pro-rata costs incurred
|
|
40 |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers 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 the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. However, the Company’s 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 the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that income or gains derived from its RCP investments, including its investment in Albertson’s, are private-equity investments and, as such, should be treated as operating income and therefore FFO. The Company believes that this supplemental adjustment more appropriately reflects the results of its operations. The Company also provides one other supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, Same-Property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-Property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and Same-Property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and Same-Property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
|
|
41 |
|