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Acadia Realty Trust Reports Third Quarter 2020 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, 2020. All per share amounts are on a fully-diluted basis, where applicable.

Acadia operates dual platforms, comprised of a high-quality core real estate portfolio (“Core Portfolio”), through which the Company owns and operates retail assets in the nation’s most dynamic 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”) as per NAREIT and before Special Items (discussed below), and net property operating income (“NOI”) which were impacted due to the COVID-19 Pandemic.

Third Quarter Highlights

  • Core Portfolio Cash Collections: Continued improvement in cash collections:

    • Collected 90% of September 2020 billed rents and recoveries
    • For the full third quarter, collected 87% of billed rents and recoveries

All cash collection percentages are based upon pre-COVID billings and are as of October 30, 2020

  • Core Portfolio Opening Status: Increased tenant re-openings during the quarter:

    • Approximately 86% of Core Portfolio’s pro-rata gross annualized base rents (“ABR”) was open for business at September 30, 2020
    • Approximately 93% of Core Portfolio’s pro-rata and gross leasable area (“GLA”) was open for business at September 30, 2020
  • Core Portfolio Leasing Progress: Solid demand on leasing:

    • Executed 11 new and renewal conforming leases in the Core Portfolio during the third quarter, with comparable cash and GAAP spreads of 5.1% and 12.5% on conforming leases, respectively
    • Increasing leasing pipeline in the Core Portfolio with approximately $1.3 million signed, $1.7 million out for signature, $1.5 million at lease and $2.0 million under executed LOI to date. 50% are within Street/Urban in the Core Portfolio
  • Earnings: Primarily due to $0.15 of credit reserves (including $0.06 from straight-line rent), the COVID-19 Pandemic continued to negatively impact quarterly earnings:

    • GAAP loss per share of $0.10
    • NAREIT FFO per share of $0.17 and FFO before Special Items per share of $0.20 (excluding approximately $0.03 of an unrealized mark-to-market adjustment on Albertson’s shares)
  • Core Portfolio Operating Results: Decrease in same-property NOI of 21.4% for the third quarter versus the comparable 2019 period, predominantly due to credit reserves on billed Core Portfolio rents and recoveries resulting from the COVID-19 Pandemic
  • Fund Update:

    • Fund V has 40% of future acquisition capacity (approximately $600.0 million on a leveraged basis) remaining to invest
    • Made no new investments during the third quarter; Fund V continues to make cash distributions
    • Extended $158.6 million of Fund loans maturing in 2020 and 2021

“With our significantly improving cash collections along with sustained operating performance, we are cautiously optimistic with the recovery we are seeing,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “Additionally, while we remain cognizant of the challenges and resulting uncertainties that may transpire over the next several months, we are encouraged by our recently executed leases as well as our growing pipeline. Lastly, we are beginning to see actionable investment opportunities emerge for our fund platform.”

OPERATIONS UPDATE

COVID-19 Impact on Operations

Third quarter results were negatively impacted by approximately $0.15 related to credit losses, of which $0.06 arose from straight-line rent reserves. The amounts below represent Acadia’s share of credit losses, straight-line rent reserves and tenant abatements associated with the COVID-19 Pandemic (in millions):

 

Core Same

Store

 

 

Core Other

 

 

Funds

 

 

Total

 

 

Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Loss – Billed Rents and

recoveries (a)

$

5.5

 

 

$

0.4

 

 

$

1.4

 

 

$

7.3

 

 

$

0.08

 

Straight-Line Rent Reserves (b)

N/A

 

 

 

2.1

 

 

 

3.1

 

 

 

5.2

 

 

 

0.06

 

Rent Abatements

 

0.6

 

 

 

0.2

 

 

 

 

 

 

0.8

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

6.1

 

 

$

2.7

 

 

$

4.5

 

 

$

13.3

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

Amount represents reserves taken against a tenant’s rent and recoveries that were billable pursuant to the terms of a lease agreement.

b)

 

Amount represents reserves against a tenant’s straight-line rent balance. The balance is derived from the cumulative difference, generally from inception of the lease, between a tenant’s billed rents and the amount of rent recognized in earnings on a straight-line basis over the life of the lease.

Core Portfolio Cash Collections

At October 30, 2020, monthly and quarterly cash collections for the Core Portfolio were as follows:

Asset Type

 

July 2020

 

 

August 2020

 

 

September 2020

 

 

Q3 2020

 

Street/Urban

 

82

%

 

 

87

%

 

 

90

%

 

 

86

%

 

Suburban

 

85

%

 

 

90

%

 

 

91

%

 

 

88

%

 

Total Core Portfolio

 

83

%

 

 

88

%

 

 

90

%

 

 

87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additionally, through October 30, 2020, the Company has collected approximately 90% of October 2020 billed rents and recoveries comprised of 89% and 92% for Street/Urban and Suburban, respectively.

All amounts are based upon pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and exclude the impact of any security deposits applied against tenant accounts.

Core Portfolio Opening Status

Core Portfolio store openings continued to increase as follows:

 

 

 

 

 

% Open – ABR

 

 

 

 

 

 

% Open – GLA

 

 

 

 

 

 

As of

 

 

 

 

 

 

As of

 

Asset Type

Approximate

% of Core

ABR

 

 

June 30,

2020

 

 

September 30,

2020

 

 

October

30, 2020

 

 

% of Core

GLA

 

 

June

30,

2020

 

 

September

30, 2020

 

 

October

30, 2020

 

Street/Urban

60

%

 

 

66

%

 

 

80

%

 

 

83

%

 

 

29

%

 

 

77

%

 

 

88

%

 

 

89

%

 

Suburban

40

%

 

 

87

%

 

 

95

%

 

 

92

%

 

 

71

%

 

 

90

%

 

 

95

%

 

 

92

%

 

Total Core Portfolio

100

%

 

 

74

%

 

 

86

%

 

 

86

%

 

 

100

%

 

 

86

%

 

 

93

%

 

 

91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Portfolio cash collections and openings continue to improve but could fluctuate on a monthly basis due to timing of payments between reported periods which may continue to occur from the COVID-19 Pandemic. Cash collections and store opening data are presented for information purposes and are not intended to represent future trends.

Dividend

Beginning with the second quarter of 2020, the Board of Trustees (“Board”) temporarily suspended distributions on common shares and common units, which suspension the Board has determined to continue through the fourth quarter of 2020. Assuming that current operating conditions continue to prevail, the Company currently expects to reinstate quarterly distributions in the first quarter of 2021, which would be subject to Board approval at that time.

CONSOLIDATED FINANCIAL RESULTS

A complete reconciliation, in dollars and per share amounts, of (i) net loss or income attributable to Acadia to FFO (NAREIT and before Special Items) attributable to common shareholders and common OP Unit holders and (ii) operating income to NOI is included in the financial tables of this release.

Net (Loss) Income

Net loss attributable to Acadia for the quarter ended September 30, 2020 was $9.0 million, or $0.10 per share. This included $13.3 million, or $0.15 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and approximately $2.2 million, or approximately $0.03 per share, from the unrealized mark-to-market adjustment on Albertsons. Net income attributable to Acadia for the quarter ended September 30, 2019 was $10.5 million, or $0.12 per share.

Net income attributable to Acadia for the nine months ended September 30, 2020 was $2.0 million, or $0.02 per share. This included (i) $26.9 million, or $0.30 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and (ii) $12.4 million, or $0.14 per share, attributable to impairment charges within the Funds. These charges were offset by $22.6 million, or $0.25 per share, from the monetization and unrealized mark-to-market adjustment on Albertsons. Net income attributable to Acadia for the nine months ended September 30, 2019 was $31.7 million, or $0.38 per share, inclusive of $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture.

FFO as Defined by NAREIT

FFO for the quarter ended September 30, 2020 was $15.6 million, or $0.17 per share. This included $13.3 million, or $0.15 per share, related to credit loss, straight-line rent reserves and tenant abatements, primarily due to the COVID-19 Pandemic and approximately $2.2 million, or approximately $0.03 per share, from the unrealized mark-to-market adjustment on Albertsons. FFO was $31.0 million, or $0.34 per share, for the quarter ended September 30, 2019.

FFO for the nine months ended September 30, 2020 was $88.4 million, or $0.96 per share. This included $26.9 million, or $0.29 per share, related to credit loss, straight-line reserves and tenant abatements, primarily due to the COVID-19 Pandemic that was offset by $22.6 million, or $0.25 per share, from the monetization and unrealized mark-to-market adjustment on Albertsons. FFO was $97.6 million, or $1.09 per share, including $5.8 million, or $0.07 per share, related to a previously-announced accelerated tenant recapture for the nine months ended September 30, 2019.

FFO before Special Items

FFO before Special Items for the quarter ended September 30, 2020 was $17.8 million, or $0.20 per share, which excludes approximately $2.2 million, or approximately $0.03 per share, from the unrealized mark-to-market adjustment on Albertsons. There were no Special Items for the quarter ended September 30, 2019.

FFO before Special Items for the nine months ended September 30, 2020 was $72.3 million, or $0.79 per share, which excludes $16.2 million, or $0.18 per share, from the unrealized mark-to-market adjustment on Albertsons. There were no Special Items for the nine months ended September 30, 2019.

CORE PORTFOLIO

Core Portfolio Operating Results

The Company had a decrease in same-property NOI of 21.4% for the three months ended September 30, 2020 predominantly due to credit reserves and abatements on billed Core Portfolio rents and recoveries.

The Core Portfolio was 90.3% occupied and 91.1% leased as of September 30, 2020 compared to 92.6% occupied and 93.3% leased as of June 30, 2020. 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 a 12.5% increase in rent on a GAAP basis and 5.1% increase in rent on a cash basis, on 11 conforming new and renewal leases aggregating approximately 120,000 square feet.

The Company has an increasing Core Portfolio leasing pipeline with approximately $1.3 million signed, $1.7 million out for signature, $1.5 million at lease and $2.0 million under executed LOI to date. 50% of these leases are within Street/Urban within the Core Portfolio.

FUND UPDATE

Fund V has $208.0 million of acquisition capital remaining to reinvest (approximately $600.0 million on a leveraged basis) as opportunities arise. During the third quarter, Fund V extended its investment period to August 2021.

While there were no new investments during the third quarter, Fund V’s pipeline continues to see opportunities. As of the third quarter, Fund V continues to make cash distributions.

The Funds extended $158.6 million of their loans maturing in 2020 and 2021.

CONFERENCE CALL

Management will conduct a conference call on Wednesday, November 4, 2020 at 11:00 AM ET to review the Company’s earnings and operating results. Dial-in and webcast information is listed below.

Live Conference Call:

 

Date:

Wednesday, November 4, 2020

Time:

11:00 AM ET

Dial#:

844-309-6711

Passcode:

“Acadia Realty” or “4682435”

Webcast (Listen-only):

www.acadiarealty.com under Investors, Presentations & Events

 

Phone Replay:

 

Dial#:

855-859-2056

Passcode:

“4682435”

Available Through:

Wednesday, November 11, 2020

Webcast Replay:

www.acadiarealty.com under Investors, Presentations & Events

The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

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 Portfolio 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 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 statements in this press release 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. 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, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small 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 individuals adversely impacted by the COVID-19 Pandemic, (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) 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, (d) 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, (e) the potential adverse impact on returns from development and redevelopment projects, and (f) 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 risks described above are not exhaustive and additional factors could adversely affect the Company’s 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, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release 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.

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

50,300

 

 

$

72,191

 

 

$

183,396

 

 

$

214,490

 

Other

 

 

981

 

 

 

1,136

 

 

 

3,078

 

 

 

3,053

 

Total revenues

 

 

51,281

 

 

 

73,327

 

 

 

186,474

 

 

 

217,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

34,457

 

 

 

32,170

 

 

 

101,627

 

 

 

92,807

 

General and administrative

 

 

8,625

 

 

 

8,222

 

 

 

26,415

 

 

 

25,579

 

Real estate taxes

 

 

10,689

 

 

 

10,225

 

 

 

31,833

 

 

 

29,680

 

Property operating

 

 

11,559

 

 

 

13,180

 

 

 

41,685

 

 

 

37,267

 

Impairment charges

 

 

 

 

 

321

 

 

 

51,549

 

 

 

1,721

 

Total operating expenses

 

 

65,330

 

 

 

64,118

 

 

 

253,109

 

 

 

187,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

24

 

 

 

12,056

 

 

 

509

 

 

 

14,070

 

Operating (loss) income

 

 

(14,025

)

 

 

21,265

 

 

 

(66,126

)

 

 

44,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (losses) earnings of unconsolidated affiliates

 

 

(624

)

 

 

1,299

 

 

 

(155

)

 

 

7,129

 

Interest and other income

 

 

2,132

 

 

 

6,782

 

 

 

7,156

 

 

 

13,194

 

Realized and unrealized holding (losses) gains on investments and other

 

 

(7,946

)

 

 

 

 

 

79,335

 

 

 

 

Interest expense

 

 

(17,752

)

 

 

(19,103

)

 

 

(54,373

)

 

 

(56,721

)

(Loss) income from continuing operations before income taxes

 

 

(38,215

)

 

 

10,243

 

 

 

(34,163

)

 

 

8,161

 

Income tax (provision) benefit

 

 

(74

)

 

 

(1,403

)

 

 

741

 

 

 

(1,622

)

Net (loss) income

 

 

(38,289

)

 

 

8,840

 

 

 

(33,422

)

 

 

6,539

 

Net loss attributable to noncontrolling interests

 

 

29,259

 

 

 

1,618

 

 

 

35,388

 

 

 

25,196

 

Net (loss) income attributable to Acadia

 

$

(9,030

)

 

$

10,458

 

 

$

1,966

 

 

$

31,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

 

 

 

(38

)

 

 

(233

)

 

 

(134

)

Net (loss) income attributable to Common Shareholders –

basic and diluted earnings per share

 

$

(9,030

)

 

$

10,420

 

 

$

1,733

 

 

$

31,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic loss and basic and diluted earnings per share

 

 

86,309

 

 

 

84,888

 

 

 

86,486

 

 

 

83,552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – basic, Net earnings per share – basic and

diluted (b)

 

$

(0.10

)

 

$

0.12

 

 

$

0.02

 

 

$

0.38

 

ACADIA REALTY TRUST AND SUBSIDIARIES

Reconciliation of Consolidated Net (Loss) Income to Funds From Operations (a, c)

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

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Acadia

 

$

(9,030

)

 

$

10,458

 

 

$

1,966

 

 

$

31,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

noncontrolling interests’ share)

 

 

25,106

 

 

 

22,436

 

 

 

73,584

 

 

 

66,157

 

Impairment charges (net of noncontrolling interests’ share)

 

 

 

 

 

74

 

 

 

12,400

 

 

 

395

 

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

 

 

(6

)

 

 

(2,758

)

 

 

(117

)

 

 

(3,142

)

(Loss) income attributable to Common OP Unit holders

 

 

(475

)

 

 

649

 

 

 

199

 

 

 

2,031

 

Distributions – Preferred OP Units

 

 

4

 

 

 

135

 

 

 

372

 

 

 

405

 

Funds from operations attributable to Common Shareholders and

Common OP Unit holders

 

$

15,599

 

 

$

30,994

 

 

$

88,404

 

 

$

97,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Albertsons unrealized holding loss (gain) (net of noncontrolling

interest share)

 

 

2,240

 

 

 

 

 

 

(16,157

)

 

 

 

Funds from operations before Special Items attributable to Common Shareholders and

Common OP Unit holders

 

$

17,839

 

 

$

30,994

 

 

$

72,247

 

 

$

97,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share – Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,309

 

 

 

84,888

 

 

 

86,486

 

 

 

83,552

 

Weighted-average OP Units outstanding

 

 

4,890

 

 

 

5,083

 

 

 

5,027

 

 

 

5,140

 

Assumed conversion of Preferred OP Units to common shares (d)

 

 

25

 

 

 

499

 

 

 

465

 

 

 

499

 

Assumed conversion of LTIP units and restricted share units to

common shares

 

 

 

 

 

213

 

 

 

 

 

 

213

 

Weighted average number of Common Shares and Common OP Units

 

 

91,224

 

 

 

90,683

 

 

 

91,978

 

 

 

89,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP

Unit

 

$

0.17

 

 

$

0.34

 

 

$

0.96

 

 

$

1.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items, per Common Share and Common OP

Unit

 

$

0.20

 

 

$

0.34

 

 

$

0.79

 

 

$

1.09

 

ACADIA REALTY TRUST AND SUBSIDIARIES

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

(dollars in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(14,025

)

 

$

21,265

 

 

$

(66,126

)

 

$

44,559

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,625

 

 

 

8,222

 

 

 

26,415

 

 

 

25,579

 

Depreciation and amortization

 

 

34,457

 

 

 

32,170

 

 

 

101,627

 

 

 

92,807

 

Impairment charge

 

 

 

 

 

321

 

 

 

51,549

 

 

 

1,721

 

Straight-line rent reserves

 

 

13,185

 

 

 

 

 

 

19,714

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(3,671

)

 

 

(4,338

)

 

 

(6,256

)

 

 

(16,970

)

Gain on disposition of properties

 

 

(24

)

 

 

(12,056

)

 

 

(509

)

 

 

(14,070

)

Consolidated NOI

 

 

38,547

 

 

 

45,584

 

 

 

126,414

 

 

 

133,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(10,335

)

 

 

(13,157

)

 

 

(36,327

)

 

 

(38,217

)

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

 

 

(2,289

)

 

 

(3,480

)

 

 

(8,710

)

 

 

(10,292

)

Add: Operating Partnership’s share of unconsolidated

joint ventures NOI (e)

 

 

3,133

 

 

 

6,288

 

 

 

12,353

 

 

 

19,553

 

NOI – Core Portfolio

 

$

29,056

 

 

$

35,235

 

 

$

93,730

 

 

$

104,670

 

Contacts

Sunny Holcomb

(914) 288-8100

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