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Acadia Realty Trust – ‘10-Q’ for 6/30/22 – ‘R15’

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

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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

‘R15’   —   Lease Intangibles

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.22.2
Lease Intangibles
 6 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]  
Lease Intangibles

6. Lease Intangibles

Upon acquisitions of real estate (Note 2), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.

Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Amortizable Intangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In-place lease intangible assets

 

$

307,424

 

 

$

(195,460

)

 

$

111,964

 

 

$

290,819

 

 

$

(189,981

)

 

$

100,838

 

Above-market rent

 

 

24,089

 

 

 

(16,268

)

 

 

7,821

 

 

 

24,191

 

 

 

(16,111

)

 

 

8,080

 

 

 

$

331,513

 

 

$

(211,728

)

 

$

119,785

 

 

$

315,010

 

 

$

(206,092

)

 

$

108,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortizable Intangible Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Below-market rent

 

$

(181,663

)

 

$

98,268

 

 

$

(83,395

)

 

$

(171,245

)

 

$

94,871

 

 

$

(76,374

)

Above-market ground lease

 

 

(671

)

 

 

297

 

 

 

(374

)

 

 

(671

)

 

 

267

 

 

 

(404

)

 

 

$

(182,334

)

 

$

98,565

 

 

$

(83,769

)

 

$

(171,916

)

 

$

95,138

 

 

$

(76,778

)

 

During the six months ended June 30, 2022, the Company:

 

•
acquired in-place lease intangible assets of $27.8 million, above-market rents of $0.8 million, and below-market rents of $14.1 million with weighted-average useful lives of 6.4, 13.8, and 6.9 years, respectively (Note 2);
•
derecognized in-place lease intangible assets of $0.4 million and below-market rent of $1.8 million, of which the Company's share was $0.1 million and $0.4 million, respectively, related to disposed properties (Note 2); and
•
recorded accelerated amortization related to below-market rents of $1.0 million, of which the Company's share was $1.0 million related to notification of tenant non-renewals and early tenant lease terminations.

 

During the year ended December 31, 2021, the Company:

•
acquired in-place lease intangible assets of $34.7 million, above-market rents of $5.3 million, and below-market rents of $16.3 million with weighted-average useful lives of 5.8, 5.4, and 27.7 years, respectively (Note 2);
•
derecognized in-place lease intangible assets of $2.2 million and below-market rent of $4.4 million, of which the Company's share was $1.7 million and $3.0 million, respectively, related to disposed properties (Note 2); and
•
recorded accelerated amortization related to in-place lease intangible assets of $1.6 million and below-market rents of $3.6 million, of which the Company's share was $1.1 million and $3.1 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations.
 

Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of operations. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of operations.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2022 is as follows (in thousands):

 

Years Ending December 31,

 

Net Increase in
Lease Revenues

 

 

Increase to
Amortization

 

 

Reduction of
Rent Expense

 

 

Net (Expense) Income

 

2022 (Remainder)

 

$

3,562

 

 

$

(20,895

)

 

$

29

 

 

$

(17,304

)

2023

 

 

6,549

 

 

 

(32,821

)

 

 

58

 

 

 

(26,214

)

2024

 

 

6,383

 

 

 

(25,451

)

 

 

58

 

 

 

(19,010

)

2025

 

 

5,956

 

 

 

(18,536

)

 

 

58

 

 

 

(12,522

)

2026

 

 

5,572

 

 

 

(14,112

)

 

 

58

 

 

 

(8,482

)

Thereafter

 

 

47,552

 

 

 

(149

)

 

 

113

 

 

 

47,516

 

Total

 

$

75,574

 

 

$

(111,964

)

 

$

374

 

 

$

(36,016

)

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/5/228-K
For Period end:6/30/22
12/31/2110-K,  DEF 14A
 List all Filings 
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Filing Submission 0000950170-22-015152   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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