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Acadia Realty Trust – ‘10-Q’ for 6/30/22 – ‘R29’

On:  Friday, 8/5/22, at 5:07pm ET   ·   For:  6/30/22   ·   Accession #:  950170-22-15152   ·   File #:  1-12002

Previous ‘10-Q’:  ‘10-Q’ on 5/5/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/4/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 4/30/24 for 3/31/24

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/05/22  Acadia Realty Trust               10-Q        6/30/22  118:32M                                    Donnelley … Solutions/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   8.03M 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     40K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     40K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     37K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     37K 
11: R1          Document and Entity Information                     HTML     89K 
12: R2          Consolidated Balance Sheets                         HTML    145K 
13: R3          Consolidated Balance Sheets (Parenthetical)         HTML     43K 
14: R4          Consolidated Statements of Operations               HTML    101K 
15: R5          Consolidated Statements of Comprehensive Income     HTML     67K 
                (Loss)                                                           
16: R6          Consolidated Statements of Changes in               HTML    118K 
                Shareholders' Equity                                             
17: R7          Consolidated Statements of Changes in               HTML     37K 
                Shareholders' Equity (Parenthetical)                             
18: R8          Consolidated Statements of Cash Flows               HTML    192K 
19: R9          Consolidated Statements of Cash Flows               HTML     44K 
                (Parenthetical)                                                  
20: R10         Organization, Basis of Presentation and Summary of  HTML    135K 
                Significant Accounting Policies                                  
21: R11         Real Estate                                         HTML    570K 
22: R12         Notes Receivable, Net                               HTML    129K 
23: R13         Investments in and Advances to Unconsolidated       HTML    424K 
                Affiliates                                                       
24: R14         Other Assets, Net and Accounts Payable and Other    HTML    144K 
                Liabilities                                                      
25: R15         Lease Intangibles                                   HTML    221K 
26: R16         Debt                                                HTML    373K 
27: R17         Financial Instruments and Fair Value Measurements   HTML    489K 
28: R18         Commitments and Contingencies                       HTML     43K 
29: R19         Shareholders' Equity, Noncontrolling Interests and  HTML    472K 
                Other Comprehensive Loss                                         
30: R20         Leases                                              HTML    251K 
31: R21         Segment Reporting                                   HTML    668K 
32: R22         Share Incentive and Other Compensation              HTML    155K 
33: R23         Earnings Per Common Share                           HTML    187K 
34: R24         Subsequent Events                                   HTML     54K 
35: R25         Organization, Basis of Presentation and Summary of  HTML     81K 
                Significant Accounting Policies (Policies)                       
36: R26         Organization, Basis of Presentation and Summary of  HTML    100K 
                Significant Accounting Policies (Tables)                         
37: R27         Real Estate (Tables)                                HTML    562K 
38: R28         Notes Receivable, Net (Tables)                      HTML     98K 
39: R29         Investments in and Advances to Unconsolidated       HTML    398K 
                Affiliates (Tables)                                              
40: R30         Other Assets, Net and Accounts Payable and Other    HTML    143K 
                Liabilities (Tables)                                             
41: R31         Lease Intangibles (Tables)                          HTML    201K 
42: R32         Debt (Tables)                                       HTML    292K 
43: R33         Financial Instruments and Fair Value Measurements   HTML    475K 
                (Tables)                                                         
44: R34         Shareholders' Equity, Noncontrolling Interests and  HTML    435K 
                Other Comprehensive Loss (Tables)                                
45: R35         Leases (Tables)                                     HTML    232K 
46: R36         Segment Reporting (Tables)                          HTML    663K 
47: R37         Share Incentive and Other Compensation (Tables)     HTML    108K 
48: R38         Earnings Per Common Share (Tables)                  HTML    182K 
49: R39         Organization, Basis of Presentation and Summary of  HTML     61K 
                Significant Accounting Policies - Additional                     
                Information (Details)                                            
50: R40         Organization, Basis of Presentation and Summary of  HTML     62K 
                Significant Accounting Policies - Schedule of                    
                Operating Partnership's Equity Interest (Details)                
51: R41         Organization, Basis of Presentation and Summary of  HTML     56K 
                Significant Accounting Policies - Schedule of                    
                Operating Partnership's Equity Interest                          
                (Parenthetical) (Details)                                        
52: R42         Real Estate - Schedule of Real Estate (Details)     HTML     57K 
53: R43         Real Estate - Schedule of Acquisitions and          HTML     91K 
                Conversions (Details)                                            
54: R44         Real Estate - Schedule of Acquisitions and          HTML     54K 
                Conversions (Parenthetical) (Details)                            
55: R45         Real Estate - Acquisitions and Conversions -        HTML     49K 
                Additional Information (Details)                                 
56: R46         Real Estate - Schedule of Purchase Price            HTML     71K 
                Allocations (Details)                                            
57: R47         Real Estate - Schedule of Property Dispositions     HTML     77K 
                (Details)                                                        
58: R48         Real Estate - Schedule of Property Dispositions     HTML     41K 
                (Details) (Parenthetical)                                        
59: R49         Real Estate - Schedule of Disposal Groups,          HTML     55K 
                Including Discontinued Operations, Income                        
                Statement, Balance Sheet and Additional                          
                Disclosures (Details)                                            
60: R50         Real Estate - Schedule of Development in Process    HTML     71K 
                Activities (Details)                                             
61: R51         Real Estate - Schedule of Development in Process    HTML     43K 
                Activities (Parenthetical) (Details)                             
62: R52         Real Estate - Real Estate Under Development and     HTML     49K 
                Construction in Progress - Additional Information                
                (Details)                                                        
63: R53         Notes Receivable, Net - Schedule of Notes           HTML     66K 
                Receivable (Details)                                             
64: R54         Notes Receivable, Net - Schedule of Notes           HTML     47K 
                Receivable (Parenthetical) (Details)                             
65: R55         Notes Receivable, Net - Additional Information      HTML    107K 
                (Details)                                                        
66: R56         Investments in and Advances to Unconsolidated       HTML    106K 
                Affiliates - Schedule of Investments (Details)                   
67: R57         Investments in and Advances to Unconsolidated       HTML     56K 
                Affiliates - Core Portfolio - Additional                         
                Information (Details)                                            
68: R58         Investments in and Advances to Unconsolidated       HTML     40K 
                Affiliates - Mervyns II - Additional Information                 
                (Details)                                                        
69: R59         Investments in and Advances to Unconsolidated       HTML     68K 
                Affiliates - Fund Investments - Additional                       
                Information (Details)                                            
70: R60         Investments in and Advances to Unconsolidated       HTML     44K 
                Affiliates - Unconsolidated Affiliates -                         
                Additional Information (Details)                                 
71: R61         Investments in and Advances to Unconsolidated       HTML     86K 
                Affiliates - Unconsolidated Affiliates - Schedule                
                of Condensed Balance Sheet (Details)                             
72: R62         Investments in and Advances to Unconsolidated       HTML     83K 
                Affiliates - Unconsolidated Affiliates - Schedule                
                of Condensed Income Statement (Details)                          
73: R63         Investments in and Advances to Unconsolidated       HTML     36K 
                Affiliates - Unconsolidated Affiliates - Schedule                
                of Condensed Income Statement (Parenthetical)                    
                (Details)                                                        
74: R64         Other Assets, Net and Accounts Payable and Other    HTML     96K 
                Liabilities - Schedule of other assets and other                 
                liabilities (Details)                                            
75: R65         Lease Intangibles - Schedule of Intangible Assets   HTML     66K 
                and Liabilities Included in Other Assets and                     
                Accounts Payable and Other Liabilities (Details)                 
76: R66         Lease Intangibles - Additional Information          HTML     60K 
                (Details)                                                        
77: R67         Lease Intangibles - Scheduled Amortization of       HTML     95K 
                Acquired Lease Intangible Assets and Assumed                     
                Liabilities (Details)                                            
78: R68         Debt - Summary of Consolidated Indebtedness         HTML    181K 
                (Details)                                                        
79: R69         Debt - Summary of Consolidated Indebtedness         HTML     89K 
                (Parenthetical) (Details)                                        
80: R70         Debt - Credit Facility - Additional Information     HTML     56K 
                (Details)                                                        
81: R71         Debt - Mortgages and Other Notes Payable -          HTML    153K 
                Additional Information (Details)                                 
82: R72         Debt - Unsecured Notes Payable - Additional         HTML     81K 
                Information (Details)                                            
83: R73         Debt - Unsecured Revolving Lines of Credit -        HTML     47K 
                Additional Information (Details)                                 
84: R74         Debt - Scheduled Principal Repayments (Details)     HTML     62K 
85: R75         Debt - Scheduled Principal Repayments - Additional  HTML     52K 
                Information (Details)                                            
86: R76         Financial Instruments and Fair Value Measurements   HTML     58K 
                - Schedule of Assets and Liabilities Measured at                 
                Fair Value on Recurring Basis (Details)                          
87: R77         Financial Instruments and Fair Value Measurements   HTML     51K 
                - Schedule of Items Measured at Fair Value on                    
                Nonrecurring Basis (Details)                                     
88: R78         Financial Instruments and Fair Value Measurements   HTML     96K 
                - Schedule of Derivative Financial Instruments                   
                (Details)                                                        
89: R79         Financial Instruments and Fair Value Measurements   HTML     55K 
                - Additional Information (Details)                               
90: R80         Financial Instruments and Fair Value Measurements   HTML     60K 
                - Schedule of Other Financial Instruments Carrying               
                Values and Fair values (Details)                                 
91: R81         Commitments and Contingencies - Additional          HTML     38K 
                Information (Details)                                            
92: R82         Shareholders' Equity, Noncontrolling Interests and  HTML     43K 
                Other Comprehensive Loss - Common Shares and Units               
                - Additional Information (Details)                               
93: R83         Shareholders' Equity, Noncontrolling Interests and  HTML     56K 
                Other Comprehensive Loss - ATM Program -                         
                Additional Information (Details)                                 
94: R84         Shareholders' Equity, Noncontrolling Interests and  HTML     42K 
                Other Comprehensive Loss - Share Repurchases -                   
                Additional Information (Details)                                 
95: R85         Shareholders' Equity, Noncontrolling Interests and  HTML     64K 
                Other Comprehensive Loss - Schedule of                           
                Distributions Declared and paid (Details)                        
96: R86         Shareholders' Equity, Noncontrolling Interests and  HTML     65K 
                Other Comprehensive Loss - Summary of Activity in                
                Accumulated Other Comprehensive Income (Loss)                    
                (Details)                                                        
97: R87         Shareholders' Equity, Noncontrolling Interests and  HTML    110K 
                Other Comprehensive Loss - Summary of Change in                  
                Noncontrolling Interest (Details)                                
98: R88         Shareholders' Equity, Noncontrolling Interests and  HTML     63K 
                Other Comprehensive Loss - Summary of Change in                  
                Noncontrolling Interest (Parenthetical) (Details)                
99: R89         Shareholders' Equity, Noncontrolling Interests and  HTML     82K 
                Other Comprehensive Loss - Preferred OP Units -                  
                Additional Information (Details)                                 
100: R90         Leases - Additional Information (Details)           HTML     83K  
101: R91         Leases - Activity for Reserves Related to Billed    HTML     47K  
                Rents and Straight-line Rents (Details)                          
102: R92         Leases - Schedule of Lease Cost (Details)           HTML     59K  
103: R93         Leases - Schedule of Future Minimum Rental          HTML     89K  
                Revenues and Payments for Operating and Capital                  
                Leases (Details)                                                 
104: R94         Segment Reporting - Additional Information          HTML     36K  
                (Details)                                                        
105: R95         Segment Reporting - Summary of Segment Information  HTML    175K  
                (Details)                                                        
106: R96         Segment Reporting - Summary of Segment Information  HTML     59K  
                (Parenthetical) (Details)                                        
107: R97         Share Incentive and Other Compensation -            HTML    140K  
                Additional Information (Details)                                 
108: R98         Share Incentive and Other Compensation - Schedule   HTML     67K  
                of Unvested Shares and LTIP Units (Details)                      
109: R99         Share Incentive and Other Compensation - Employee   HTML     44K  
                Share Purchase Plan and Deferred Share Plan -                    
                Additional Information (Details)                                 
110: R100        Share Incentive and Other Compensation - Employee   HTML     44K  
                401 (k) Plan - Additional Information (Details)                  
111: R101        Earnings Per Common Share - Additional Information  HTML     39K  
                (Details)                                                        
112: R102        Earnings Per Common Share - Schedule of Earnings    HTML     79K  
                Per Share, Basic and Diluted (Details)                           
113: R103        Subsequent Events - Additional Information          HTML    133K  
                (Details)                                                        
116: XML         IDEA XML File -- Filing Summary                      XML    234K  
114: XML         XBRL Instance -- akr-20220630_htm                    XML  10.32M  
115: EXCEL       IDEA Workbook of Financial Reports                  XLSX    284K  
 6: EX-101.CAL  XBRL Calculations -- akr-20220630_cal                XML    352K 
 8: EX-101.DEF  XBRL Definitions -- akr-20220630_def                 XML   1.83M 
 9: EX-101.LAB  XBRL Labels -- akr-20220630_lab                      XML   2.73M 
10: EX-101.PRE  XBRL Presentations -- akr-20220630_pre               XML   2.37M 
 7: EX-101.SCH  XBRL Schema -- akr-20220630                          XSD    447K 
117: JSON        XBRL Instance as JSON Data -- MetaLinks              708±  1.23M  
118: ZIP         XBRL Zipped Folder -- 0000950170-22-015152-xbrl      Zip    760K  


‘R29’   —   Investments in and Advances to Unconsolidated Affiliates (Tables)


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.22.2
Investments in and Advances to Unconsolidated Affiliates (Tables)
6 Months Ended
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

 

 

 

 

 

Ownership Interest

 

June 30,

 

 

December 31,

 

Portfolio

 

Property

 

June 30, 2022

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

Core:

 

840 N. Michigan (a)

 

88.43%

 

$

51,498

 

 

$

51,513

 

 

 

Renaissance Portfolio

 

20%

 

 

28,966

 

 

 

28,466

 

 

 

Gotham Plaza

 

49%

 

 

29,370

 

 

 

29,187

 

 

 

Georgetown Portfolio

 

50%

 

 

4,076

 

 

 

4,089

 

 

 

1238 Wisconsin Avenue (b)

 

80%

 

 

8,984

 

 

 

5,895

 

 

 

 

 

 

 

 

122,894

 

 

 

119,150

 

 

 

 

 

 

 

 

 

 

 

 

Mervyns II:

 

KLA/ABS (c)

 

36.7%

 

 

110,039

 

 

 

124,316

 

 

 

 

 

 

 

 

 

 

 

 

Fund III:

 

Self Storage Management (b)

 

0%

 

 

 

 

 

207

 

 

 

640 Broadway (d)

 

100%

 

 

 

 

 

17,825

 

 

 

 

 

 

 

 

 

 

 

18,032

 

 

 

 

 

 

 

 

 

 

 

 

Fund IV:

 

Fund IV Other Portfolio

 

98.57%

 

 

11,696

 

 

 

12,675

 

 

 

650 Bald Hill Road

 

90%

 

 

10,860

 

 

 

11,677

 

 

 

Paramus Plaza

 

50%

 

 

1,526

 

 

 

1,975

 

 

 

 

 

 

 

 

24,082

 

 

 

26,327

 

 

 

 

 

 

 

 

 

 

 

 

Fund V:

 

Family Center at Riverdale (a)

 

89.42%

 

 

11,692

 

 

 

12,449

 

 

 

Tri-City Plaza

 

90%

 

 

8,883

 

 

 

6,827

 

 

 

Frederick County Acquisitions

 

90%

 

 

12,588

 

 

 

10,748

 

 

 

Wood Ridge Plaza

 

90%

 

 

14,355

 

 

 

 

 

 

La Frontera Village

 

90%

 

 

24,401

 

 

 

 

 

 

 

 

 

 

 

71,919

 

 

 

30,024

 

 

 

 

 

 

 

 

 

 

 

 

Various:

 

Due from (to) Related Parties

 

 

 

 

612

 

 

 

666

 

 

 

Other (e)

 

 

 

 

3,983

 

 

 

3,811

 

 

 

Investments in and advances to
unconsolidated affiliates

 

 

 

$

333,529

 

 

$

322,326

 

 

 

 

 

 

 

 

 

 

 

 

Core:

 

Crossroads (f)

 

49%

 

$

8,918

 

 

$

9,939

 

 

 

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

 

 

 

$

8,918

 

 

$

9,939

 

 

 

a)
Represents a tenancy-in-common interest.
b)
Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.
c)
Includes an interest in Albertsons at fair value, as described below ("Investment in Albertsons") (Note 8).
d)
In January 2022, the Company foreclosed on partner's interest and now owns 100% and consolidates the entity (Note 2).
e)
Includes cost-method investments in Storage Post, Fifth Wall and other investments.
Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity
Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of June 30, 2022, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Combined and Condensed Balance Sheets

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Rental property, net

 

$

694,044

 

 

$

631,661

 

Real estate under development

 

 

12,074

 

 

 

8,112

 

Other assets

 

 

119,763

 

 

 

78,300

 

Total assets

 

$

825,881

 

 

$

718,073

 

Liabilities and partners’ equity:

 

 

 

 

 

 

Mortgage notes payable

 

$

622,782

 

 

$

571,461

 

Other liabilities

 

 

82,338

 

 

 

69,166

 

Partners’ equity

 

 

120,761

 

 

 

77,446

 

Total liabilities and partners’ equity

 

$

825,881

 

 

$

718,073

 

 

 

 

 

 

 

 

Company's share of accumulated equity

 

$

152,582

 

 

$

113,285

 

Basis differential

 

 

53,307

 

 

 

66,031

 

Deferred fees, net of portion related to the Company's interest

 

 

4,088

 

 

 

4,071

 

Amounts receivable/payable by the Company

 

 

612

 

 

 

666

 

Investments in and advances to unconsolidated affiliates, net of Company's
   share of distributions in excess of income from and investments in
   unconsolidated affiliates

 

 

210,589

 

 

 

184,053

 

Investments carried at fair value or cost

 

 

114,022

 

 

 

128,334

 

Company's share of distributions in excess of income from and
   investments in unconsolidated affiliates

 

 

8,918

 

 

 

9,939

 

Investments in and advances to unconsolidated affiliates

 

$

333,529

 

 

$

322,326

 

Schedule of Condensed Income Statement

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Combined and Condensed Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

23,954

 

 

$

20,577

 

 

$

47,071

 

 

$

39,627

 

Operating and other expenses

 

 

(8,067

)

 

 

(7,095

)

 

 

(15,325

)

 

 

(14,124

)

Interest expense

 

 

(6,589

)

 

 

(4,824

)

 

 

(11,328

)

 

 

(10,507

)

Depreciation and amortization

 

 

(9,248

)

 

 

(6,141

)

 

 

(15,159

)

 

 

(16,032

)

Gain on disposition of properties (a)

 

 

 

 

 

 

 

 

 

 

 

3,206

 

Net income attributable to unconsolidated affiliates

 

$

50

 

 

$

2,517

 

 

$

5,259

 

 

$

2,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company’s share of equity in net income of unconsolidated affiliates

 

$

1,533

 

 

$

1,395

 

 

$

4,915

 

 

$

4,041

 

Income attributable to unconsolidated affiliates recently sold or consolidated

 

 

 

 

 

(234

)

 

 

 

 

 

(562

)

Basis differential amortization

 

 

(253

)

 

 

(262

)

 

 

(505

)

 

 

(698

)

Company’s equity in earnings of unconsolidated affiliates

 

$

1,280

 

 

$

899

 

 

$

4,410

 

 

$

2,781

 

 

a)
Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
12/31/22
Filed on:8/5/228-K
For Period end:6/30/22
1/4/21
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Filing Submission 0000950170-22-015152   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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