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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                 

Commission File Number 001-12002

 

ACADIA REALTY TRUST

(Exact name of registrant in its charter)

 

 

 

 

 

 

Maryland

 (State or other jurisdiction of

 incorporation or organization)

 

23-2715194

 (I.R.S. Employer

 Identification No.)

 

 

 

411 THEODORE FREMD AVENUE, SUITE 300, RYE, NY

 (Address of principal executive offices)

10580

 (Zip Code)

(914) 288-8100

(Registrant’s telephone number, including area code)

Title of class of registered securities

Trading symbol

Name of exchange on which registered

Common shares of beneficial interest, par value $0.001 per share

AKR

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 

 

 

Yes

 

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

 

 

 

Yes

 

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer 

  Accelerated Filer

  Emerging Growth Company  

 

 

 

 

 

 

Non-accelerated Filer 

  Smaller Reporting 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.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes  No

As of April 23, 2021 there were 86,306,301 common shares of beneficial interest, par value $0.001 per share (“Common Shares”), outstanding.

 

 


 

ACADIA REALTY TRUST AND SUBSIDIARIES

FORM 10-Q

INDEX

 

 

 

 

 

 

 

 

 

Item No.

 

Description

 

Page

 

 

PART I - FINANCIAL INFORMATION

 

 

1.

 

Financial Statements

 

4

 

 

Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020

 

4

 

 

Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2021 and 2020

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31,
2021 and 2020

 

6

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2021 and 2020

 

7

 

 

Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2021 and 2020

 

8

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

10

 

 

 

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

42

3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

52

4.

 

Controls and Procedures

 

54

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

1.

 

Legal Proceedings

 

55

1A.

 

Risk Factors

 

55

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

3.

 

Defaults Upon Senior Securities

 

55

4.

 

Mine Safety Disclosures

 

55

5.

 

Other Information

 

55

6.

 

Exhibits

 

56

 

 

Signatures

 

57

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q (this “Report”) of Acadia Realty Trust, a Maryland real estate investment trust (the “Company”), may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements, which are based on certain assumptions and describe our 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) economic, political and social uncertainty surrounding the COVID-19 pandemic (the “COVID-19 Pandemic”), including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to businesses, including the Company’s tenants, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as to individuals adversely impacted by the COVID-19 Pandemic, and various actions taken to contain or mitigate the impact of the COVID-19 Pandemic (including vaccines), (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s retail tenants recover following the lifting of any such orders or recommendations, (c) temporary or permanent migration out of major cities by customers, including cities where the Company’s properties are located, which may have a negative impact on the Company’s tenant’s businesses, (d) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, (f) the potential adverse impact on returns from development and redevelopment projects, and (g) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants (in particular its major tenants) and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iv) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (v) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (vi) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of the London Interbank Offered Rate after 2021; (vii) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (viii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (ix) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (x) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) uninsured losses; (xiv) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; and (xvi) the loss of key executives.

The factors described above are not exhaustive and additional factors could adversely affect the Company’s future results 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, 2020, and other periodic or current reports the Company files with the SEC, including those set forth under the headings “Item 1A. Risk Factors” and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein. Any forward-looking statements speak only as of the date hereof. The Company 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 the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.

SPECIAL NOTE REGARDING CERTAIN REFERENCES

All references to “Notes” throughout the document refer to the footnotes to the consolidated financial statements of the registrant referenced in Part I, Item 1. Financial Statements.

3


 

 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

 

December 31,

 

(dollars in thousands, except per share amounts)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

Operating real estate, net

 

$

3,238,031

 

 

$

3,260,139

 

Real estate under development

 

 

234,338

 

 

 

247,349

 

Net investments in real estate

 

 

3,472,369

 

 

 

3,507,488

 

Notes receivable, net

 

 

101,410

 

 

 

101,450

 

Investments in and advances to unconsolidated affiliates

 

 

256,332

 

 

 

249,807

 

Other assets, net

 

 

162,596

 

 

 

173,809

 

Right-of-use assets - operating leases, net

 

 

74,803

 

 

 

76,268

 

Cash and cash equivalents

 

 

15,424

 

 

 

19,232

 

Restricted cash

 

 

15,723

 

 

 

14,692

 

Rents receivable, net

 

 

46,356

 

 

 

44,136

 

Assets of properties held for sale

 

 

8,669

 

 

 

 

Total assets

 

$

4,153,682

 

 

$

4,186,882

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,188,695

 

 

$

1,204,581

 

Unsecured notes payable, net

 

 

420,960

 

 

 

420,858

 

Unsecured line of credit

 

 

105,400

 

 

 

138,400

 

Accounts payable and other liabilities

 

 

237,058

 

 

 

269,911

 

Lease liability - operating leases, net

 

 

87,910

 

 

 

88,816

 

Dividends and distributions payable

 

 

14,018

 

 

 

147

 

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

 

 

15,272

 

 

 

15,616

 

Total liabilities

 

 

2,069,313

 

 

 

2,138,329

 

Commitments and contingencies

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,302,352 and 86,268,303 shares, respectively

 

 

86

 

 

 

86

 

Additional paid-in capital

 

 

1,683,552

 

 

 

1,683,165

 

Accumulated other comprehensive loss

 

 

(41,962

)

 

 

(74,891

)

Distributions in excess of accumulated earnings

 

 

(174,829

)

 

 

(167,046

)

Total Acadia shareholders’ equity

 

 

1,466,847

 

 

 

1,441,314

 

Noncontrolling interests

 

 

617,522

 

 

 

607,239

 

Total equity

 

 

2,084,369

 

 

 

2,048,553

 

Total liabilities and equity

 

$

4,153,682

 

 

$

4,186,882

 

 

 

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

4


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended March 31,

 

(in thousands except per share amounts)

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

Rental income

 

$

67,205

 

 

$

70,457

 

Other

 

 

2,189

 

 

 

963

 

Total revenues

 

 

69,394

 

 

 

71,420

 

Operating expenses

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,390

 

 

 

33,377

 

General and administrative

 

 

8,996

 

 

 

9,070

 

Real estate taxes

 

 

11,462

 

 

 

10,447

 

Property operating

 

 

13,477

 

 

 

13,320

 

Impairment charges

 

 

 

 

 

51,549

 

Total operating expenses

 

 

65,325

 

 

 

117,763

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

4,612

 

 

 

 

Operating income (loss)

 

 

8,681

 

 

 

(46,343

)

Equity in earnings of unconsolidated affiliates

 

 

2,263

 

 

 

1,255

 

Interest and other income

 

 

1,700

 

 

 

2,929

 

Realized and unrealized holding gains on investments and other

 

 

6,507

 

 

 

(530

)

Interest expense

 

 

(17,141

)

 

 

(18,302

)

Income (loss) from continuing operations before income taxes

 

 

2,010

 

 

 

(60,991

)

Income tax (provision) benefit

 

 

(150

)

 

 

952

 

Net income (loss)

 

 

1,860

 

 

 

(60,039

)

Net loss attributable to noncontrolling interests

 

 

3,302

 

 

 

51,625

 

Net income (loss) attributable to Acadia

 

$

5,162

 

 

$

(8,414

)

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.06

 

 

$

(0.10

)

 

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

5


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2021

 

 

2020

 

Net income (loss)

 

$

1,860

 

 

$

(60,039

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized gain (loss) on valuation of swap agreements

 

 

33,556

 

 

 

(74,774

)

Reclassification of realized interest on swap agreements

 

 

5,317

 

 

 

977

 

Other comprehensive income (loss)

 

 

38,873

 

 

 

(73,797

)

Comprehensive income (loss)

 

 

40,733

 

 

 

(133,836

)

Comprehensive (income) loss attributable to noncontrolling interests

 

 

(2,642

)

 

 

70,882

 

Comprehensive income (loss) attributable to Acadia

 

$

38,091

 

 

$

(62,954

)

 

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

6


 

ACADIA REALTY TRUST AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended March 31, 2021 and 2020

 

 

 

Acadia Shareholders

 

 

 

 

 

 

 

 

 

(in thousands, except per share amounts)

 

Common

Shares

 

 

Share

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Distributions

in Excess of

Accumulated

Earnings

 

 

Total

Common

Shareholders’

Equity

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

Balance at January 1, 2021

 

 

86,269

 

 

$

86

 

 

$

1,683,165

 

 

$

(74,891

)

 

$

(167,046

)

 

$

1,441,314

 

 

$

607,239

 

 

$

2,048,553

 

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

 

 

19

 

 

 

 

 

 

294

 

 

 

 

 

 

 

 

 

294

 

 

 

(294

)

 

 

 

Dividends/distributions declared ($0.15 per Common Share/OP Unit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,945

)

 

 

(12,945

)

 

 

(1,048

)

 

 

(13,993

)

Employee and trustee stock compensation, net

 

 

14

 

 

 

 

 

 

462

 

 

 

 

 

 

 

 

 

462

 

 

 

4,049

 

 

 

4,511

 

Noncontrolling interest distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,676

)

 

 

(6,676

)

Noncontrolling interest contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,241

 

 

 

11,241

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

32,929

 

 

 

5,162

 

 

 

38,091

 

 

 

2,642

 

 

 

40,733

 

Reallocation of noncontrolling interests

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

(369

)

 

 

369

 

 

 

 

Balance at March 31, 2021

 

 

86,302