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

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Acadia Realty Trust – ‘10-Q’ for 6/30/22 – ‘R12’

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

  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

‘R12’ — Notes Receivable, Net

This is an IDEA Financial Report. [ Alternative Formats ]

Notes Receivable, Net

6 Months Ended

Jun. 30, 2022

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Notes Receivable, Net

3. Notes Receivable, Net

The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands):


	June 30,			December 31,			June 30, 2022
Description	2022			2021			Number		Maturity Date		Interest Rate

Core Portfolio (a)	$	138,331		$	154,332			7	Apr 2020 - Dec 2027		4.65% - 12.00%
Fund III		—			5,306			—		—		—
Total notes receivable		138,331			159,638
Allowance for credit loss		(1,025	)		(5,752	)
Notes receivable, net	$	137,306		$	153,886			7

Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at June 30, 2022 and December 31, 2021.

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

•

through Fund III obtained the remaining venture partner's interest in an entity that held a property, which was collateral for a note with a balance of $5.3 million, accrued interest of $4.7 million less credit loss reserve of $4.6 million, via a foreclosure auction in January 2022. The entity was previously accounted for as an equity method investment until Fund III acquired the venture partner's interest in a foreclosure auction. Fund III now owns 100% of the entity and consolidates it (Note 4);

•

received full payment on a $16.0 million Core Portfolio loan during the second quarter. See Note 15 for repayments subsequent to June 30, 2022; and

•

decreased the credit loss reserve by $0.1 million as a result of the aforementioned repayment.

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

•

originated a new Core Portfolio note for $16.0 million with a stated interest rate of 9% and a maturity date of October 20, 2022 collateralized by a single tenant property in Silver Spring, Maryland on April 20, 2021;

•

exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021 (Note 10);

•

originated a new Core Portfolio note for $43.0 million, of which $42.0 million was funded, with three tranches with stated interest rates ranging from 5% to 12% and a maturity date of September 17, 2024 collateralized by a retail condominium in Soho, New York on September 17, 2021;

•

extended the maturity date of one Core note receivable of $13.5 million from October 28, 2021 to June 1, 2022; and

•

recorded an increase in its allowance for credit loss of approximately $4.5 million primarily attributable to the Fund III note that matured in July 2020.

Default

One Core Portfolio note aggregating $21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default at June 30, 2022 and December 31, 2021. On April 1, 2020, the loan matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the loan and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable loan documents and otherwise. The Company has determined that the collateral for this loan is sufficient to cover the loan’s carrying value at June 30, 2022 and December 31, 2021.

Allowance for Credit Losses

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower.

Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment (Note 12). Interest receivable is included in Other assets (Note 5).

The Company’s estimated allowance for credit losses related to its Structured Financing segment has been computed for its amortized cost basis in the portfolio, including accrued interest (Note 5), factoring historical loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. Due to the lack of comparability across the Structured Financing portfolio, each loan was evaluated separately. As a result, there were four non-collateral-dependent loans with a total amortized cost of $129.2 million, inclusive of accrued interest of $14.7 million, for which an allowance for credit losses has been recorded aggregating $1 million at June 30, 2022. For two loans in this portfolio, aggregating $27.9 million, inclusive of accrued interest of $4.1 million at June 30, 2022, the Company has elected to apply a practical expedient in accordance with ASC 326 and did not establish an allowance for credit losses because (i) these loans are collateral-dependent loans, which due to their settlement terms are not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at June 30, 2022, the Company determined that the estimated fair value of the collateral at the expected realization date for these loans was sufficient to cover the carrying value of its investments in these notes receivable. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-Q’ Filing	Date	Other Filings

	9/17/24
	10/20/22
Filed on:	8/5/22	8-K
For Period end:	6/30/22
	6/1/22
	12/31/21	10-K, DEF 14A
	10/28/21	10-Q
	9/17/21
	7/12/21
	4/20/21
	4/1/20	8-K
		List all Filings

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