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)) |
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 7.01. Regulation FD Disclosure.
On March 31, 2020, Acadia Realty Trust (the “Company”) issued a press release providing an update on 2020 earnings guidance due to the economic uncertainty resulting from the COVID-19 pandemic, and additional information on loan maturities and its development pipeline. 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 an addendum to the supplemental reporting information concerning the debt of the Company as of and for the quarter ended December 31, 2019. A copy of the addendum 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 7.01, including the information in Exhibits 99.1 and 99.2 attached hereto, is intended to be “furnished”, and is not deemed “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 of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, or otherwise subject to the liabilities of Sections 11 and 12 (a) (2) of the Securities Act.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
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Description |
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Press release of the Company dated March 31, 2020. |
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Addendum to Supplemental Reporting Information of the Company as of and for the quarter ended December 31, 2019. |
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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March 31, 2020 |
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Title: |
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Sr. Vice President and Chief Financial Officer |
Exhibit 99.1
Sunny Holcomb
(914) 288-8100
ACADIA REALTY TRUST PROVIDES AN UPDATE ON 2020 EARNINGS GUIDANCE, ADDITIONAL INFORMATION ON DEVELOPMENT PIPELINE AND LOAN MATURITIES
RYE, NY – March 31, 2020 – Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) provides an update on 2020 earnings guidance and additional information on its development pipeline and scheduled loan maturities.
“Our top priority is the health and safety of our employees, tenants, stakeholders and community. During this period of uncertainty, we are carefully monitoring the impact of COVID-19 and taking proactive measures,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We have a team in place who has navigated through multiple cycles and has a proven track record of managing challenging market conditions. Acadia owns high-quality assets, has a strong balance sheet and plenty of dry powder when the time comes to execute on new acquisitions.”
Core Portfolio
Development Pipeline
There is currently no ground-up construction underway in Acadia’s Core Portfolio. For the foreseeable future, the Company expects that the only material capital expenditures at these properties will be tenant improvements and/or other leasing costs associated with executed leases. All of Acadia’s identified developments are discretionary.
Balance Sheet
Inclusive of extension options (which are subject to customary conditions), Acadia has no unsecured debt maturities it its Core Portfolio until March 2023. Acadia has no material scheduled secured debt maturities until 2023 in its Core Portfolio. This is further described in the Supplemental Information Addendum, which provides more detail on the Company’s extension options and has been posted on the Company’s website at http://ir.acadiarealty.com/financial-information/quarterly-results. There can be no assurance that the Company will be able to exercise any or all its extension options.
Fund Portfolio
Development Pipeline
There is currently no ground-up construction underway in Acadia’s Fund Portfolio:
Fund II: At City Point, the Company’s remaining development obligations are tenant work and leasing costs associated with the installation of new tenants with executed leases. In accordance with government mandates, all tenant improvement at City Point is currently on hold.
Fund III: For the foreseeable future, the Company expects that the only material capital expenditures in Fund III will be tenant improvements and/or other leasing costs associated with the installation of new tenants with executed leases. Acadia has one land parcel on Long Island for which it is currently in the process of securing approvals for development; construction is not planned in the near term.
Funds IV and V: For the foreseeable future, the Company expects that the only material capital expenditures in these Funds will be tenant improvements and/or other leasing costs associated with the installation of new tenants with executed leases.
Balance Sheet
Inclusive of extension options (which are subject to customary conditions), Acadia has no material secured or unsecured debt maturities in 2020 in its Fund Portfolio. The $200.0 million City Point financing maturing in May 2020 has an extension option not sooner than May 2022 (also subject to customary conditions and documentation). A Supplemental Information Addendum, which provides more detail on the Company’s extension options, has been posted on the Company’s website at http://ir.acadiarealty.com/financial-information/quarterly-results. There can be no assurance that the Company will be able to exercise any or all the Funds’ extension options.
2020 Guidance
Due to the economic uncertainty resulting from the COVID-19 pandemic, Acadia is withdrawing its full-year 2020 guidance which was previously announced on February 12, 2020.
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.
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 21, 2020 (“Form 10-K”) and other periodic reports filed with the SEC, including risks related to: (i) economic, political and social uncertainty, including developments surrounding the COVID-19 pandemic and their effect on the Company’s business and that of its tenants; (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. The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Copies of the Annual Report on Form 10-K and 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.
Exhibit 99.2
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Future Debt Maturities – As Extended 1 |
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Supplemental Report Addendum – December 31, 2019 |
(in thousands) |
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Core Portfolio |
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Total Debt Maturities |
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Acadia's Pro-Rata Share |
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Weighted Average Interest Rate |
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Fixed- |
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Scheduled |
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Scheduled |
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Total |
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Rate |
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Variable- |
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Year |
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Amortization |
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Maturities |
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Total |
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Amortization |
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Maturities |
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Total |
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Debt |
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Debt |
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Rate Debt |
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2020 (Remainder) |
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$ |
5,705 |
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$ |
26,250 |
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$ |
31,955 |
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$ |
4,297 |
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$ |
5,833 |
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$ |
10,130 |
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6.00% |
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6.00% |
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n/a |
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2021 |
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5,938 |
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4,127 |
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10,065 |
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4,488 |
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825 |
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5,313 |
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5.25% |
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n/a |
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5.25% |
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2022 |
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5,986 |
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— |
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5,986 |
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4,633 |
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— |
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4,633 |
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n/a |
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n/a |
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n/a |
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2023 |
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5,068 |
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606,151 |
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611,219 |
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3,843 |
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469,106 |
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472,949 |
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3.10% |
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n/a |
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3.10% |
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2024 |
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4,235 |
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65,795 |
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70,030 |
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3,289 |
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35,980 |
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39,269 |
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4.09% |
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4.09% |
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n/a |
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Thereafter |
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14,661 |
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263,154 |
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277,815 |
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13,258 |
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243,098 |
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256,356 |
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3.95% |
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4.18% |
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3.23% |
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Total |
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$ |
41,593 |
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$ |
965,477 |
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$ |
1,007,070 |
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$ |
33,808 |
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$ |
754,842 |
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$ |
788,650 |
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Funds |
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Total Debt Maturities |
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Acadia's Pro-Rata Share |
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Weighted Average Interest Rate |
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Fixed- |
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Scheduled |
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Scheduled |
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Total |
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Rate |
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Variable- |
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Year |
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Amortization |
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Maturities |
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Total |
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Amortization |
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Maturities |
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Total |
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Debt |
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Debt |
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Rate Debt |
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2020 (Remainder) |
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$ |
3,343 |
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$ |
43,734 |
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$ |
47,077 |
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$ |
767 |
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$ |
9,727 |
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$ |
10,494 |
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3.81% |
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n/a |
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3.81% |
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2021 |
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3,155 |
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238,395 |
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241,550 |
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710 |
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55,612 |
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56,322 |
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3.96% |
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n/a |
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3.96% |
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2022 |
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3,248 |
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510,214 |
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513,462 |
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674 |
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119,903 |
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120,577 |
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4.26% |
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4.75% |
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3.86% |
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2023 |
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4,718 |
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56,867 |
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61,585 |
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930 |
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11,430 |
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12,360 |
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3.68% |
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n/a |
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3.68% |
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2024 |
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3,411 |
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298,631 |
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302,042 |
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670 |
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61,486 |
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62,156 |
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3.58% |
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n/a |
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3.58% |
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Thereafter |
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253 |
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51,917 |
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52,170 |
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47 |
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9,589 |
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9,636 |
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3.75% |
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3.64% |
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3.77% |
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Total |
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$ |
18,128 |
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$ |
1,199,758 |
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$ |
1,217,886 |
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$ |
3,798 |
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$ |
267,747 |
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$ |
271,545 |
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__________
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1. |
Core and Fund debt maturities reflect the exercise of all applicable extension options, but do not reflect subsequent refinancings. As of the date of this Addendum, March 31, 2020, the Funds have extended debt aggregating $46.3 million, of which Acadia’s pro-rata share is $10.7 million. There can be no assurance that the Company will be able to execute any or all of its future Core or Fund extension options. For contractual maturities without regard to the available exercise of extension options, refer to the Company’s complete Supplemental Report for the quarter ended December 31, 2019. |
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2. |
Refer to the Company’s Annual Report on Form 10-K for additional information. |
Page 1
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Principal Balance at |
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Acadia's Pro-rata Share |
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Interest |
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Extension |
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Property |
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December 31, 2019 |
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Percent |
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Amount |
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Rate |
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Maturity |
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Options |
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CORE PORTFOLIO |
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Fixed-Rate Debt |
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163 Highland Avenue |
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$ |
8,582 |
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100.00 |
% |
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$ |
8,582 |
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4.66% |
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02/01/24 |
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None |
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Crossroads Shopping Center |
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64,943 |
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49.00 |
% |
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31,822 |
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3.94% |
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10/06/24 |
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None |
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555 9th Street |
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60,000 |
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100.00 |
% |
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60,000 |
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3.99% |
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01/01/25 |
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None |
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840 N. Michigan |
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73,500 |
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88.43 |
% |
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64,996 |
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4.36% |
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02/10/25 |
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None |
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Georgetown Portfolio (2008 Investment) |
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16,152 |
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50.00 |
% |
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8,076 |
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4.72% |
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12/10/27 |
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None |
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State & Washington |
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23,881 |
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100.00 |
% |
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23,881 |
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4.40% |
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09/05/28 |
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None |
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239 Greenwich Avenue |
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26,572 |
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75.00 |
% |
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19,929 |
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3.88% |
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01/10/29 |
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None |
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North & Kingsbury |
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12,164 |
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100.00 |
% |
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12,164 |
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4.01% |
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11/05/29 |
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None |
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151 North State Street |
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13,574 |
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100.00 |
% |
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13,574 |
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4.03% |
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12/01/29 |
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None |
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Concord & Milwaukee |
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2,650 |
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100.00 |
% |
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2,650 |
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4.40% |
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06/01/30 |
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None |
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California & Armitage |
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2,506 |
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100.00 |
% |
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2,506 |
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5.89% |
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04/15/35 |
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None |
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Brandywine 2 |
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26,250 |
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22.22 |
% |
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5,833 |
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6.00% |
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07/01/16 |
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None |
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Unsecured interest rate swaps 1 |
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410,800 |
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100.00 |
% |
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410,800 |
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3.36% |
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|
3.1 YRS |
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Secured interest rate swaps 1 |
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100,978 |
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90.05 |
% |
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90,933 |
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4.10% |
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6.5 YRS |
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Sub-Total Fixed-Rate Debt |
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842,552 |
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755,746 |
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3.74% |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
See Note 6 |
|
|
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 |
|
|
Cortlandt Crossing |
|
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. |
|
Page 2
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
|
Extension |
|||||||
|
Property |
|
|
|
December 31, 2019 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
|
Maturity |
|
Options |
||||
|
|
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. |
See the Company’s Annual Report on Form 10-K form more information on this loan. |
|
|
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. |
Page 3