Acadia Realty Trust Reports Third Quarter 2019 Operating Results

RYE, N.Y.–(BUSINESS WIRE)–Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 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 operating income (“NOI”).

Highlights

  • Earnings: Generated GAAP earnings per share of $0.12 and FFO per share of $0.34 for the third quarter
  • Core Portfolio Operating Results:

    • In line with expectations, the Company generated same-property net operating income growth of 3.1% for the third quarter and 4.1% year to date (excluding redevelopments), driven by its street and urban portfolio
    • Continued leasing progress across the portfolio including the execution of several key street leases in New York City
    • Reported 94.9% leased occupancy as of September 30, 2019
  • Core Acquisition Activity: During the third quarter, the Company continued to execute its strategy of building scale in its key street locations by completing core acquisitions of $32.9 million consisting of a previously announced property on Greene Street in Soho ($25.1 million) and adding two properties within its W Armitage Avenue corridor in Lincoln Park ($7.8 million). On Greene Street and W Armitage Avenue, the Company now owns three and seven contiguous buildings, respectively. To date, the Company has acquired, or entered into contracts or agreements in principle to acquire $180.3 million of core acquisitions
  • Fund Acquisition/Disposition Activity: During the third quarter, the Company completed $141.8 million of Fund V investments and $318.0 million year to date. During the third quarter, the Company completed $67.5 million of fund dispositions and $78.0 million year to date in addition to a $15.3 million monetization of a preferred equity investment
  • Balance Sheet: Maintained balance sheet metrics by match-funding and pre-funding its core acquisitions; raising proceeds of $61.6 million during the quarter and $137.8 million through September 30, 2019 at an average gross issuance price per share in excess of $28.60 through the Company’s at-the-market (“ATM”) program. At September 30, 2019, substantially all of Core Portfolio debt was fixed at an average rate of 3.8% with a debt to EBITDA ratio of 4.7x
  • Guidance Update: The Company tightened its annual 2019 earnings per share and FFO guidance ranges: earnings per share $0.44 to $0.50 and FFO per share $1.40 to $1.42. The FFO guidance for the fourth quarter does not incorporate any significant transactional or other non-recurring items. The Company reaffirms its annual same property net operating income growth guidance of 3.5% to 4.5%

“We reported another strong quarter operationally along with robust investment activity. We have completed approximately $400.0 million of core and fund acquisitions to date with a strong pipeline,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We continue to see solid leasing trends with respect to our existing portfolio. With plenty of dry powder, we are well positioned to continue to execute on our accretive external growth initiatives. Looking ahead for the balance of the year and into 2020, while we remain cognizant of the current geopolitical and economic factors, we continue to see opportunities emerging from this volatility.”

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 September 30, 2019 was $10.5 million, or $0.12 per share. Net income attributable to common shareholders for the quarter ended September 30, 2018 was $9.2 million, or $0.11 per share.

Net income attributable to common shareholders for the nine months ended September 30, 2019 was $31.7 million, or $0.38 per share, including $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture. Net income attributable to common shareholders for the nine months ended September 30, 2018 was $24.3 million, or $0.29 per share.

FFO

FFO for the quarter ended September 30, 2019 was $31.0 million, or $0.34 per share, compared to $30.1 million, or $0.35 per share for the quarter ended September 30, 2018.

FFO for the nine months ended September 30, 2019 was $97.6 million, or $1.09 per share, including $5.8 million, or $0.07 per share related to previously-announced accelerated tenant recaptures. FFO was $89.1 million, or $1.01 per share, for the nine months ended September 30, 2018.

CORE PORTFOLIO

Core Operating Results

The Company had solid same-property net operating income growth of 3.1% for the third quarter (before redevelopments), as compared to 3.4% in the third quarter of 2018, and 4.1% for the nine months ended September 30, 2019, as compared to 1.1% for the nine months ended September 30, 2018. This was driven by contractual rental growth and profitable re-leasing of key street/urban properties. The Company has delivered approximately 27,800 square feet of space to Uniqlo on State and Washington in Chicago with rent commencement expected during the fourth quarter.

To date, the Company has executed several key street leases including 154 Spring Street (New York City), 135 Prince Street (New York City) and 61 Main Street (Westport, CT).

The Core Portfolio was 93.5% occupied and 94.9% leased as of September 30, 2019 compared to 93.6% occupied and 94.6% leased as of June 30, 2019. The leased rate includes space that is leased but not yet occupied and excludes development and redevelopment properties.

During the third quarter, the Company generated an 18.7% and 4.5% increase in rent on a GAAP and cash basis, respectively, on 17 conforming new and renewal leases aggregating approximately 255,000 square feet.

Core Acquisitions

During the nine months ended September 30, 2019, the Company acquired, or entered into contracts or agreements in principle to acquire, $180.3 million of Core Portfolio properties. Through September 30, 2019, the Company has closed on $82.4 million, which consist of $74.6 million from the previously-announced Core Portfolio acquisitions and $7.8 million in Chicago on W Armitage Ave. Amounts below are inclusive of transaction costs.

Soho, New York, NY. The Company has acquired or entered into contracts to acquire $121.8 million of New York City street retail assets in Soho. To date, of the $121.8 million, $74.6 million consisting of four buildings on Greene Street (three of which are contiguous) have closed and $47.2 million remain under contract at September 30, 2019.

47 Greene Street, New York, NY. In July, the Company acquired 47 Greene Street for $25.1 million in an off-market transaction. 47 Greene Street, which is adjacent to the Company’s other Greene Street acquisitions, is a retail property leased to Theory.

The Company expects to complete the remaining Greene Street properties under contract in late 2019 and early 2020.

849 and 912 W Armitage Avenue, Chicago, IL. In September, the Company acquired 849 and 912 W Armitage Avenue for an aggregate of $7.8 million. With these acquisitions, the Company now owns ten buildings (seven of which are contiguous) on this prime stretch of W Armitage Avenue, a premier retail corridor in Lincoln Park with an exciting line-up of retailers including: Allbirds, Bonobos, Warby Parker, Lively, Parachute, Outdoor Voices, Serena & Lily and Marine Layer.

The Melrose Place Collection, Los Angeles, CA. The Company has entered into a contract to acquire five contiguous store fronts on Melrose Place for $47.7 million in Los Angeles, CA. This acquisition expands its existing presence on the West Coast into Southern California. Melrose Place is located within proximity to Beverly Hills and West Hollywood and is leased to a variety of high-quality luxury tenants, including Chloe (a subsidiary of Richemont), The Row, Melanie Grant, L’Agence, Oscar de la Renta and Violet Gray.

Acquisitions completed to date, along with the remaining assets under contract, were pre-funded with equity raised under the Company’s ATM program at an average gross price per share in excess of $28.60.

No assurance can be given that the Company will successfully close on the remaining acquisitions under contract, which are subject to customary closing conditions.

FUND PLATFORM

Fund Acquisitions

The Company completed the following acquisitions during the third quarter 2019. Amounts below are inclusive of transaction costs.

Landstown Commons, Virginia Beach, VA (Fund V). In August, Fund V closed on the purchase of Landstown Commons, a 400,000 square-foot shopping center located in Virginia Beach, VA for $87.0 million. The property is anchored by strong retailers including Ross, Best Buy, Ulta, Five Below, Old Navy and Dollar Tree. It benefits from several submarket drivers within five miles of the asset including Naval Station Oceana and several education and medical facilities. As the dominant center in the region, this higher-yielding asset has a diverse mix of necessity, entertainment, food and soft foods retailers that complement the market.

Two Property Portfolio, Frederick, MD (Fund V). In August, Fund V, a 90% partner in the joint venture with DLC Management Corp., closed on a two-asset portfolio totaling $54.9 million. Both assets are in Frederick, Maryland, a growing market ideally positioned as a suburb to both Washington DC and Baltimore.

Frederick Crossing, a 300,000 square-foot center anchored by Kohl’s, Best Buy, Ross and Dollar Tree, was purchased for $33.1 million. The asset is the dominant center in the market with above-average sales and strong stability exhibited through several recent tenant renewals and extensions.

Frederick County Square, a 225,000 square-foot Kmart anchored center was purchased for $21.8 million. This center was purchased well below replacement cost at an attractive yield affording the optionality to accretively redevelop the center to take advantage of an increasing crop of tenants interested in expanding into this growing market.

Fund Dispositions

The Company completed the following dispositions during the third quarter of 2019:

938 W North Avenue, Chicago, IL (Fund IV). In September, Fund IV completed the disposition of 938 W North Avenue for $32.0 million, a three-story, 32,000 square-foot building in Lincoln Park. In November 2013, the Fund acquired the property with the opportunity to recapture Restoration Hardware’s prime, below-market corner space. During its ownership, the Fund modernized the facade and leased 100% of the vacant space to lululemon for a new marketplace concept. This sale generated a 6.1% IRR and 1.2x multiple on the Fund’s equity investment.

Nostrand Avenue, Brooklyn, NY (Fund III). In August, Fund III completed the disposition of Nostrand Avenue for $27.7 million, a 70,000 square-foot property. In March 2017, the Fund executed an expansion of Silver Star Meat Market, the property’s grocery anchor, from 5,000 square-foot to 9,000 square-foot and extended the term of the lease for 20 years to 2037. The property’s facade was replaced to present a unified, refreshed look and finished white boxes were delivered to tenants with respect to the second-floor office space. Nostrand Avenue is the primary north-south artery in the neighborhood and has become its main retail shopping corridor. This sale generated a 3.1% IRR and 1.2x multiple on the Fund’s equity investment.

JFK Plaza, Waterville, ME (Fund IV). In July, Fund IV completed the disposition of JFK Plaza, a property within the Northeast Grocery Portfolio for $7.8 million. During its ownership, the Fund stabilized the asset through tenant lease extensions with T.J. Maxx and Jo-Ann stores.

The Company does not report return metrics for partial sales of portfolio transactions.

BALANCE SHEET

The Company further strengthened its already solid balance sheet by match and pre-funding its Core acquisition activity. The Company raised proceeds of $61.6 million during the quarter and $137.8 million year to date through September 30, 2019 at an average gross price per share in excess of $28.60 through the Company’s ATM program.

Through match funding, the Company strengthened its already-solid, low-leveraged balance sheet. As of September 30, 2019, the Company’s net debt to EBITDA ratio for the Core Portfolio was 4.7x, with substantially all of its Core Portfolio debt fixed at an average rate of 3.8%.

During October, the Company exercised the accordion on its credit facility, increasing its revolver capacity from $150.0 million to $250.0 million.

2019 GUIDANCE

The Company tightened its annual 2019 earnings per share and FFO guidance ranges as follows: earnings per share $0.44 to $0.50 and FFO per share $1.40 to $1.42. The FFO guidance for the fourth quarter does not incorporate any significant transactional or other non-recurring items. The Company reaffirms its annual same property net operating income growth guidance of 3.5% to 4.5%.

  • Presented below is the revised 2019 guidance reflecting the accretive impact of its external growth described above and the continued strength in its Core Portfolio compared to the revised second quarter 2019 guidance:

 

 

2019 Guidance

 

 

 

Revised

 

Prior

 

 

 

 

 

 

 

Net income per share attributable to Common Shareholders

 

$0.44 to $0.50

 

$0.39 to $0.46

 

Impact of transactional activity and tenant recapture

 

(0.09) to (0.13)

 

(0.09) to (0.12)

 

Depreciation of real estate and amortization of leasing costs

 

 

 

 

 

(net of noncontrolling interests’ share)

 

0.96

 

0.96

 

Gain on disposition of properties (net of noncontrolling interests’ share)

 

(0.03)

 

 

Noncontrolling interest in Operating Partnership

 

0.02

 

0.02

 

Funds from operations, prior to

additional transactional activity, per share

 

1.30 to 1.32

 

1.28 to 1.32

 

 

 

 

 

 

 

Fund acquisitions and related fees

 

0.01

 

0.01 to 0.02

 

Net Promote and other transactional income

 

0.02

 

0.02 to 0.03

 

Accelerated tenant recapture – GAAP adjustments

 

0.07

 

0.07

 

Funds from operations per share attributable to Common Shareholders and Common OP Unit holders

 

$1.40 to $1.42

 

$1.38 to $1.44

 

CONFERENCE CALL

Management will conduct a conference call on Thursday, October 24, 2019 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, October 24, 2019

Time:

12:00 PM ET

Dial#:

844-309-6711

Passcode:

“Acadia Realty” or “9779466”

Webcast (Listen-only):

www.acadiarealty.com under Investors, Presentations & Events

 

Phone Replay:

 

Dial#:

855-859-2056

Passcode:

“9779466”

Available Through:

Thursday, October 31, 2019

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.

ACADIA REALTY TRUST AND SUBSIDIARIES

Consolidated Statements of Operations (a)

(dollars and Common Shares in thousands, except per share data)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

72,191

 

 

$

51,003

 

 

$

214,490

 

 

$

150,838

 

Expense reimbursements (b)

 

 

 

 

 

13,194

 

 

 

 

 

 

35,000

 

Other

 

 

1,136

 

 

 

1,330

 

 

 

3,053

 

 

 

4,116

 

Total revenues

 

 

73,327

 

 

 

65,527

 

 

 

217,543

 

 

 

189,954

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

32,170

 

 

 

28,676

 

 

 

92,807

 

 

 

86,755

 

General and administrative

 

 

8,222

 

 

 

7,982

 

 

 

25,579

 

 

 

24,359

 

Real estate taxes

 

 

10,225

 

 

 

11,538

 

 

 

29,680

 

 

 

27,528

 

Property operating

 

 

13,180

 

 

 

10,113

 

 

 

37,267

 

 

 

30,709

 

Impairment charge

 

 

321

 

 

 

 

 

 

1,721

 

 

 

 

Other operating

 

 

 

 

 

270

 

 

 

 

 

 

655

 

Total operating expenses

 

 

64,118

 

 

 

58,579

 

 

 

187,054

 

 

 

170,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

12,056

 

 

 

5,107

 

 

 

14,070

 

 

 

5,140

 

Operating income

 

 

21,265

 

 

 

12,055

 

 

 

44,559

 

 

 

25,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

1,299

 

 

 

376

 

 

 

7,129

 

 

 

7,079

 

Interest income

 

 

1,748

 

 

 

3,513

 

 

 

6,247

 

 

 

10,539

 

Other income

 

 

5,034

 

 

 

 

 

 

6,947

 

 

 

 

Interest expense

 

 

(19,103

)

 

 

(18,077

)

 

 

(56,721

)

 

 

(50,882

)

Income (loss) from continuing operations before income taxes

 

 

10,243

 

 

 

(2,133

)

 

 

8,161

 

 

 

(8,176

)

Income tax provision

 

 

(1,403

)

 

 

(464

)

 

 

(1,622

)

 

 

(851

)

Net income (loss)

 

 

8,840

 

 

 

(2,597

)

 

 

6,539

 

 

 

(9,027

)

Net loss attributable to noncontrolling interests

 

 

1,618

 

 

 

11,822

 

 

 

25,196

 

 

 

33,336

 

Net income attributable to Acadia

 

$

10,458

 

 

$

9,225

 

 

$

31,735

 

 

$

24,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(38

)

 

 

(66

)

 

 

(134

)

 

 

(158

)

Net income attributable to Common Shareholders – basic and diluted earnings per share

 

$

10,420

 

 

$

9,159

 

 

$

31,601

 

 

$

24,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for diluted earnings per share

 

 

84,888

 

 

 

81,566

 

 

 

83,552

 

 

 

82,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings per share – basic and diluted (c)

 

$

0.12

 

 

$

0.11

 

 

$

0.38

 

 

$

0.29

 

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)

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

10,458

 

 

$

9,225

 

 

$

31,735

 

 

$

24,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of

noncontrolling interests’ share)

 

 

22,436

 

 

 

21,141

 

 

 

66,157

 

 

 

63,812

 

Impairment charge (net of noncontrolling interests’ share)

 

 

74

 

 

 

 

 

 

395

 

 

 

 

Gain on disposition of properties (net of noncontrolling interests’ share)

 

 

(2,758

)

 

 

(994

)

 

 

(3,142

)

 

 

(994

)

Income attributable to Common OP Unit holders

 

 

649

 

 

 

596

 

 

 

2,031

 

 

 

1,572

 

Distributions – Preferred OP Units

 

 

135

 

 

 

135

 

 

 

405

 

 

 

404

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

30,994

 

 

$

30,103

 

 

$

97,581

 

 

$

89,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share – Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of Common Shares and Common OP Units (e)

 

 

90,683

 

 

 

87,251

 

 

 

89,404

 

 

 

87,900

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.34

 

 

$

0.35

 

 

$

1.09

 

 

$

1.01

 

ACADIA REALTY TRUST AND SUBSIDIARIES

 

 

 

 

 

 

 

Reconciliation of Consolidated Operating Income to Net Property Operating Income (“NOI”) (a)

(dollars in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

21,265

 

 

$

12,055

 

 

$

44,559

 

 

$

25,088

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,222

 

 

 

7,982

 

 

 

25,579

 

 

 

24,359

 

Depreciation and amortization

 

 

32,170

 

 

 

28,676

 

 

 

92,807

 

 

 

86,755

 

Impairment charge

 

 

321

 

 

 

 

 

 

1,721

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(4,338

)

 

 

(4,387

)

 

 

(16,970

)

 

 

(15,491

)

Gain on disposition of properties

 

 

(12,056

)

 

 

(5,107

)

 

 

(14,070

)

 

 

(5,140

)

Consolidated NOI

 

 

45,584

 

 

 

39,219

 

 

 

133,626

 

 

 

115,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(13,157

)

 

 

(9,482

)

 

 

(38,217

)

 

 

(26,913

)

Less: Operating Partnership’s interest in Fund NOI included above

 

 

(3,480

)

 

 

(2,477

)

 

 

(10,292

)

 

 

(6,938

)

Add: Operating Partnership’s share of unconsolidated

joint ventures NOI (f)

 

 

6,288

 

 

 

6,280

 

 

 

19,553

 

 

 

18,356

 

NOI – Core Portfolio

 

$

35,235

 

 

$

33,540

 

 

$

104,670

 

 

$

100,076

 

ACADIA REALTY TRUST AND SUBSIDIARIES

 

 

 

 

Consolidated Balance Sheets (a)

(dollars in thousands)

 

 

 

As of

 

 

 

September 30,

2019

 

 

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

 

 

Land

 

$

733,679

 

 

 

 

$

710,469

 

Buildings and improvements

 

 

2,840,206

 

 

 

 

 

2,745,982

 

Construction in progress

 

 

38,458

 

 

 

 

 

44,092

 

Properties under capital lease (b)

 

 

 

 

 

 

 

76,965

 

Right-of-use assets – finance leases (b)

 

 

93,796

 

 

 

 

 

 

Right-of-use assets – operating leases (b)

 

 

55,717

 

 

 

 

 

 

 

 

 

3,761,856

 

 

 

 

 

3,577,508

 

Less: Accumulated depreciation and amortization

 

 

(473,479

)

 

 

 

 

(416,657

)

Operating real estate, net

 

 

3,288,377

 

 

 

 

 

3,160,851

 

Real estate under development

 

 

250,278

 

 

 

 

 

120,297

 

Net investments in real estate

 

 

3,538,655

 

 

 

 

 

3,281,148

 

Notes receivable, net

 

 

94,807

 

 

 

 

 

109,613

 

Investments in and advances to unconsolidated affiliates

 

 

372,478

 

 

 

 

 

262,410

 

Other assets, net

 

 

200,588

 

 

 

 

 

208,570

 

Cash and cash equivalents

 

 

48,140

 

 

 

 

 

21,268

 

Restricted cash

 

 

12,867

 

 

 

 

 

13,580

 

Rents receivable

 

 

59,071

 

 

 

 

 

62,191

 

Assets of properties held for sale

 

 

2,939

 

 

 

 

 

 

Total assets

 

$

4,329,545

 

 

 

 

$

3,958,780

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,029,678

 

 

 

 

$

1,017,288

 

Unsecured notes payable, net

 

 

625,677

 

 

 

 

 

533,257

 

Accounts payable and other liabilities (b)

 

 

403,297

 

 

 

 

 

286,072

 

Dividends and distributions payable

 

 

26,017

 

 

 

 

 

24,593

 

Distributions in excess of income from, and investments in, unconsolidated affiliates

 

 

15,353

 

 

 

 

 

15,623

 

Total liabilities

 

 

2,100,022

 

 

 

 

 

1,876,833

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

Acadia Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,644,196 and 81,557,472 shares, respectively

 

 

87

 

 

 

 

 

82

 

Additional paid-in capital

 

 

1,692,659

 

 

 

 

 

1,548,603

 

Accumulated other comprehensive (loss) income

 

 

(44,138

)

 

 

 

 

516

 

Distributions in excess of accumulated earnings

 

 

(129,026

)

 

 

 

 

(89,696

)

Total Acadia shareholders’ equity

 

 

1,519,582

 

 

 

 

 

1,459,505

 

Noncontrolling interests

 

 

709,941

 

 

 

 

 

622,442

 

Total equity

 

 

2,229,523

 

 

 

 

 

2,081,947

 

Total liabilities and equity

 

$

4,329,545

 

 

 

 

$

3,958,780

 

Contacts

Sunny Holcomb

(914) 288-8100

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