SEC Info - Acadia Realty Trust - ‘10-Q’ for 6/30/22

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

‘R21’ — Segment Reporting

This is an IDEA Financial Report. [ Alternative Formats ]

Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments.

The following tables set forth certain segment information for the Company (in thousands):


	For the Three Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	53,225		$	31,034		$	—	$	—		$	84,259
Depreciation and amortization		(20,061	)		(14,910	)		—		—			(34,971	)
Property operating expenses and real estate taxes		(14,932	)		(10,263	)		—		—			(25,195	)
General and administrative expenses		—			—			—		(10,661	)		(10,661	)
Gain on disposition of properties		—			12,216			—		—			12,216
Operating income		18,232			18,077			—		(10,661	)		25,648
Interest and other income		—			—			2,961		—			2,961
Realized and unrealized holding losses on investments and other		—			(26,383	)		100		—			(26,283	)
Equity in earnings of unconsolidated affiliates		788			492			—		—			1,280
Interest expense		(8,519	)		(10,703	)		—		—			(19,222	)
Income tax provision		—			—			—		(209	)		(209	)
Net income (loss)		10,501			(18,517	)		3,061		(10,870	)		(15,825	)
Net (income) loss attributable to noncontrolling interests		(366	)		15,817			—		—			15,451
Net income (loss) attributable to Acadia	$	10,135		$	(2,700	)	$	3,061	$	(10,870	)	$	(374	)


	For the Three Months Ended June 30, 2021 (As Restated)
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	46,000		$	27,057		$	—		$	—		$	73,057
Depreciation and amortization		(17,333	)		(13,207	)		—			—			(30,540	)
Property operating expenses and real estate taxes		(14,205	)		(10,645	)		—			—			(24,850	)
General and administrative expenses		—			—			—			(10,653	)		(10,653	)
Gain on disposition of properties		—			5,909			—			—			5,909
Operating income		14,462			9,114			—			(10,653	)		12,923
Interest and other income		—			—			2,054			—			2,054
Realized and unrealized holding gains on investments and other		—			2,841			(999	)		—			1,842
Equity in earnings of unconsolidated affiliates		669			230			—			—			899
Interest expense		(7,350	)		(9,724	)		—			—			(17,074	)
Income tax provision		—			—			—			(192	)		(192	)
Net income		7,781			2,461			1,055			(10,845	)		452
Net (income) loss attributable to noncontrolling interests		(406	)		3,665			—			—			3,259
Net income attributable to Acadia	$	7,375		$	6,126		$	1,055		$	(10,845	)	$	3,711


	As of or for the Six Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	101,574		$	64,192		$	—	$	—		$	165,766
Depreciation and amortization		(37,736	)		(30,948	)		—		—			(68,684	)
Property operating expenses and real estate taxes		(29,572	)		(20,253	)		—		—			(49,825	)
General and administrative expenses		—			—			—		(22,598	)		(22,598	)
Gain on disposition of properties		—			41,031			—		—			41,031
Operating income		34,266			54,022			—		(22,598	)		65,690
Interest and other income		—			—			5,896		—			5,896
Realized and unrealized holding losses on investments and other		1,163			(11,816	)		100		—			(10,553	)
Equity in earnings of unconsolidated affiliates		2,405			2,005			—		—			4,410
Interest expense		(16,115	)		(21,032	)		—		—			(37,147	)
Income tax provision		—			—			—		(24	)		(24	)
Net income		21,719			23,179			5,996		(22,622	)		28,272
Net income attributable to noncontrolling interests		(1,486	)		(10,322	)		—		—			(11,808	)
Net income attributable to Acadia	$	20,233		$	12,857		$	5,996	$	(22,622	)	$	16,464

Real estate at cost (a)	$	2,606,083		$	1,729,074		$	—	$	—		$	4,335,157
Total assets (a)	$	2,513,011		$	1,788,567		$	137,306	$	—		$	4,438,884
Cash paid for acquisition of real estate	$	242,633		$	—		$	—	$	—		$	242,633
Cash paid for development and property improvement costs	$	16,248		$	9,033		$	—	$	—		$	25,281


	As of or for the Six Months Ended June 30, 2021 As Restated
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	88,350		$	52,894		$	—		$	—		$	141,244
Depreciation and amortization		(34,220	)		(26,960	)		—			—			(61,180	)
Property operating expenses and real estate taxes		(27,862	)		(21,403	)		—			—			(49,265	)
General and administrative expenses		—			—			—			(19,645	)		(19,645	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income		30,880			10,440			—			(19,645	)		21,675
Interest and other income		—			—			3,754			—			3,754
Realized and unrealized holding gains (losses) on investments and other		—			9,388			(2,421	)		—			6,967
Equity in (losses) earnings of unconsolidated affiliates		(459	)		3,240			—			—			2,781
Interest expense		(14,564	)		(19,124	)		—			—			(33,688	)
Income tax provision		—			—			—			(340	)		(340	)
Net income		15,857			3,944			1,333			(19,985	)		1,149
Net (income) loss attributable to noncontrolling interests		(1,013	)		8,392			—			—			7,379
Net income attributable to Acadia	$	14,844		$	12,336		$	1,333		$	(19,985	)	$	8,528

Real estate at cost (a)	$	2,323,767		$	1,649,667		$	—		$	—		$	3,973,434
Total assets (a)	$	2,209,033		$	1,705,799		$	114,461		$	—		$	4,029,293
Cash paid for acquisition of real estate	$	—		$	—		$	—		$	—		$	—
Cash paid for development and property improvement costs	$	5,465		$	10,275		$	—		$	—		$	15,740

Real estate at cost and total assets for the Funds segment include $660.0 million and $650.6 million, or $270.7 million and $189.0 million net of non-controlling interests, related to Fund II’s City Point property at June 30, 2022 and 2021, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References + Details

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

Filed on:	8/5/22	8-K
For Period end:	6/30/22
	6/30/21	10-Q
		List all Filings

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Filing Submission 0000950170-22-015152 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Acadia Realty Trust – ‘10-Q’ for 6/30/22 – ‘R21’

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

Quarterly Report — Form 10-Q

Filing Table of Contents

‘R21’ — Segment Reporting

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Acadia Realty Trust – ‘10-Q’ for 6/30/22 – ‘R21’

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

Quarterly Report — Form 10-QFiling Table of Contents

‘R21’ — Segment Reporting

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q

Filing Table of Contents