EALTY TRUST—Q220SUPPLEMENTAL REPFORMATIO
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Market Capitalization |
Supplemental Report – March 31, 2025 |
(Including pro-rata share of Investment Management debt, in thousands, except per share amounts) |
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Changes in Total Outstanding Common |
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Weighted Average |
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Total Market |
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Capitalization |
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Shares and OP Units |
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Diluted EPS |
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Diluted FFO |
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Capitalization
($) |
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% |
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Based on Net
Debt 1 |
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Common
Shares 2 |
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Common OP Units |
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Total |
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Quarter |
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YTD |
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Quarter |
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YTD |
Equity Capitalization |
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Common Shares |
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130,956 |
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Balance at 12/31/2024 |
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119,658 |
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4,709 |
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124,367 |
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Common Operating Partnership ("OP") Units |
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5,194 |
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Vesting RS and LTIPs |
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10 |
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598 |
|
608 |
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Combined Common Shares and OP Units 2 |
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136,150 |
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OP Conversions |
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113 |
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(113) |
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— |
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Issuance of Shares |
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11,172 |
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— |
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11,172 |
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Share Price at March 31, 2025 |
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$20.95 |
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Other |
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3 |
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— |
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3 |
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Balance at 3/31/2025 |
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130,956 |
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5,194 |
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136,150 |
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121,329 |
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121,329 |
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129,363 |
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129,363 |
Equity Capitalization - Common Shares and OP Units |
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$2,852,343 |
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Preferred OP Units 3 |
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5,364 |
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Total Equity Capitalization |
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2,857,707 |
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70% |
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71% |
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Debt Capitalization |
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Consolidated debt 4 |
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1,634,273 |
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Adjustment to reflect pro-rata share of debt |
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(432,036) |
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Total Debt Capitalization |
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1,202,237 |
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30% |
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29% |
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Total Market Capitalization 2 |
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$4,059,944 |
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100% |
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100% |
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1.Reflects debt net of $41,697 pro-rata share of Core Portfolio and Investment Management cash.
3.Represents 188 Series A and 66,519 Series C Preferred OP Units convertible into 25,067 and 230,967 Common OP Units, respectively, multiplied by the Common Share price at quarter end.
4.Reflects consolidated debt excluding $8,490 of unamortized premium and unamortized loan costs.
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Forward Equity Offerings |
Supplemental Report – March 31, 2025 |
(in thousands) |
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Forward Equity Offerings |
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Shares |
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Anticipated Net Proceeds 1 |
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Beginning balance 2 |
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11,172 |
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$ |
276,768 |
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Shares sold |
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2,445 |
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55,771 |
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Shares settled |
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(11,172 |
) |
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(277,868 |
) |
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Settlement adjustments |
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— |
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1,100 |
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Ending balance 3 |
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2,445 |
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$ |
55,771 |
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1.Amounts received upon settlement are subject to customary adjustments in accordance with the forward sales contracts.
2.Beginning balance reflects the last quarterly report issued on February 14, 2025 and includes 262 shares sold in January 2025 for anticipated net proceeds of $6,253.
3.No shares were sold subsequent to March 31, 2025.
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Balance Sheet – Pro-rata Adjustments7 |
Supplemental Report – March 31, 2025 |
(in thousands) |
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ASSETS |
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Noncontrolling
Interest in
Consolidated
Subsidiaries 4 |
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Company’s
Interest in
Unconsolidated
Subsidiaries 5 |
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Real estate |
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Buildings and improvements |
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$ |
(852,059 |
) |
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$ |
244,423 |
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Tenant improvements |
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(65,317 |
) |
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18,808 |
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Land |
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(232,732 |
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61,244 |
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Construction in progress |
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(6,767 |
) |
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3,262 |
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Right-of-use assets - finance leases |
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(22,571 |
) |
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22,009 |
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(1,179,446 |
) |
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349,746 |
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Less: Accumulated depreciation and amortization |
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176,520 |
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(65,799 |
) |
Operating real estate, net |
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(1,002,926 |
) |
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283,947 |
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Real estate under development |
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(24,295 |
) |
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2,217 |
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Net investments in real estate |
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(1,027,221 |
) |
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|
286,164 |
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Notes receivable, net |
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|
84,148 |
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— |
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Investments in and advances to unconsolidated affiliates |
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(30,405 |
) |
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(117,705 |
) |
Lease intangibles, net |
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(35,804 |
) |
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10,606 |
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Other assets, net |
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|
13,079 |
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6,131 |
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Right-of-use assets - operating leases, net |
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(1,482 |
) |
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— |
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Cash and cash equivalents |
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(17,926 |
) |
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|
5,595 |
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Restricted cash |
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(8,082 |
) |
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5,806 |
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Marketable securities |
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— |
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— |
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Straight-line rents receivable, net |
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(11,396 |
) |
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|
5,457 |
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Rents receivable, net |
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(5,465 |
) |
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|
1,139 |
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Total assets |
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$ |
(1,040,554 |
) |
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$ |
203,193 |
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LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
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Mortgage and other notes payable, net |
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$ |
(600,825 |
) |
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$ |
179,172 |
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Unsecured notes payable, net |
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— |
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— |
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Unsecured line of credit |
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— |
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— |
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Accounts payable and other liabilities |
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(29,745 |
) |
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|
21,073 |
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Lease intangibles, net |
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(29,827 |
) |
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|
11,593 |
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Lease liabilities - operating leases |
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(1,557 |
) |
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4 |
|
Dividends and distributions payable |
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— |
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— |
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Lease liability - finance leases |
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(21,278 |
) |
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|
8,231 |
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Distributions in excess of income from, and investments in, unconsolidated affiliates |
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— |
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(16,880 |
) |
Total liabilities |
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(683,232 |
) |
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|
203,193 |
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Shareholders' Equity |
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Common shares |
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— |
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— |
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Additional paid-in capital |
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— |
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— |
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Accumulated other comprehensive income |
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— |
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— |
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Distributions in excess of accumulated earnings |
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— |
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— |
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Total Acadia shareholders’ equity |
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|
— |
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— |
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Noncontrolling interests (including redeemable noncontrolling interests) |
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|
(357,322 |
) |
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— |
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Total equity |
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|
(357,322 |
) |
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|
— |
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Total liabilities, redeemable noncontrolling interests, and equity |
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$ |
(1,040,554 |
) |
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$ |
203,193 |
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1.Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management are necessary for a fair presentation of operating results for the interim periods.
2.Net of consolidated capitalized interest of $2.3 million, or $1.7 million at the Company’s pro rata share, for the three months ended March 31, 2025.
4.Noncontrolling interests represent limited partners’ interests in consolidated partnerships’ activities and includes redeemable noncontrolling interests.
5.Represents the Company’s pro-rata share of unconsolidated investments (which consists of unconsolidated Core properties but also includes Investment Management assets that are held off-balance sheet), of which each are included on a single line presentation in the Company’s consolidated financial statements in accordance with GAAP.
6.This represents the (loss) income allocable to Operating Partnership Units of $0.1 million for the three months ended March 31, 2025.
7.The Company currently has controlling ownership interests in both (a) Investment Management (represented by Funds II, III, IV & V) and (b) non-wholly owned Core assets. All properties which the Company is deemed to control are consolidated within the Company's financial statements.
8.Includes approximately $8.4 million of income related to its terminated lease with Whole Foods at City Center in San Francisco, CA for the three months ended March 31, 2025.
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Funds from Operations (“FFO”), FFO Before Special Items, Adjusted Funds from Operations (“AFFO”) |
Supplemental Report – March 31, 2025 |
(in thousands, except per share amounts) |
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Quarter Ended |
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Quarter Ended |
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March 31,
2025 |
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March 31,
2024 |
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Funds from operations ("FFO"): |
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Net Income (Loss) attributable to Acadia |
|
$ |
1,608 |
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$ |
3,269 |
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Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) |
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|
31,607 |
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|
27,087 |
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Loss on disposition on real estate properties (net of noncontrolling interest share) |
|
|
— |
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|
|
275 |
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|
Impairment charges (net of noncontrolling interest share) |
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|
1,583 |
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|
|
— |
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|
Loss on change in control (net of noncontrolling interest share) |
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|
9,622 |
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|
— |
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Income attributable to noncontrolling interests' share in Operating Partnership |
|
|
163 |
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|
326 |
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FFO to Common Shareholders and Common OP Unit holders - Diluted |
|
$ |
44,583 |
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$ |
30,957 |
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Add back: acquisition costs |
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|
526 |
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|
|
— |
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Unrealized holding (gain) loss (net of noncontrolling interest share) |
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|
(1,672 |
) |
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|
2,015 |
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|
Realized gain |
|
|
— |
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|
|
3,994 |
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|
FFO before Special Items attributable to Common Shareholder and Common OP Unit holders 1 |
|
$ |
43,437 |
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$ |
36,966 |
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Adjusted Funds from operations ("AFFO"): |
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FFO |
|
$ |
44,583 |
|
|
$ |
30,957 |
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|
Unrealized holding (gain) loss (net of noncontrolling interest share) |
|
|
(1,672 |
) |
|
|
2,015 |
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|
Realized gain |
|
|
— |
|
|
|
3,994 |
|
|
Straight-line rent, net |
|
|
(341 |
) |
|
|
(196 |
) |
|
Above/below-market rent |
|
|
(2,419 |
) |
|
|
(1,175 |
) |
|
Amortization of finance costs |
|
|
1,488 |
|
|
|
1,096 |
|
|
Above/below-market interest |
|
|
(128 |
) |
|
|
(43 |
) |
|
Non-real estate depreciation |
|
|
90 |
|
|
|
91 |
|
|
Stock-based compensation |
|
|
2,400 |
|
|
|
3,938 |
|
|
Leasing commissions |
|
|
(1,343 |
) |
|
|
(560 |
) |
|
Tenant improvements |
|
|
(4,881 |
) |
|
|
(1,212 |
) |
|
Maintenance capital expenditures |
|
|
(1,021 |
) |
|
|
(1,640 |
) |
|
AFFO to Common Shareholders and Common OP Unit holders |
|
$ |
36,756 |
|
|
$ |
37,265 |
|
|
|
|
|
|
|
|
|
|
Total weighted-average diluted shares and OP Units |
|
|
129,363 |
|
|
|
111,051 |
|
|
|
|
|
|
|
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Diluted FFO per Common share and OP Unit: |
|
|
|
|
|
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|
FFO |
|
$ |
0.34 |
|
|
$ |
0.28 |
|
|
|
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FFO before Special Items |
|
$ |
0.34 |
|
|
$ |
0.33 |
|
|
|
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1.The Company defines Special Items to include (i) unrealized holding losses or gains (net of noncontrolling interest share) on investments and (ii) other costs that do not occur in the ordinary course of the Company's underwriting and investing business.
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EBITDA |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
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|
Quarter Ended |
|
|
|
|
March 31, |
|
|
|
|
2025 |
|
|
2024 |
|
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Acadia shareholders |
|
$ |
1,608 |
|
|
$ |
3,269 |
|
|
|
|
|
|
|
|
|
|
Adjustments: 1 |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
31,697 |
|
|
|
27,178 |
|
|
Interest expense |
|
|
12,739 |
|
|
|
13,841 |
|
|
Amortization of finance costs |
|
|
1,488 |
|
|
|
1,096 |
|
|
Above/below-market interest |
|
|
(128 |
) |
|
|
(43 |
) |
|
Loss on disposition of properties |
|
|
— |
|
|
|
275 |
|
|
Unrealized holding (gain) loss on investment in Albertsons and other |
|
|
(1,672 |
) |
|
|
2,015 |
|
|
Realized gain |
|
|
— |
|
|
|
3,994 |
|
|
Provision for income taxes |
|
|
96 |
|
|
|
54 |
|
|
Impairment charges |
|
|
1,583 |
|
|
|
— |
|
|
Loss on change in control |
|
|
9,622 |
|
|
|
— |
|
|
Noncontrolling interest - OP |
|
|
96 |
|
|
|
203 |
|
|
EBITDA |
|
$ |
57,129 |
|
|
$ |
51,882 |
|
|
|
|
|
|
|
|
|
|
Less: Realized gain |
|
|
— |
|
|
|
(3,994 |
) |
|
EBITDA excluding realized gains |
|
$ |
57,129 |
|
|
$ |
47,888 |
|
|
1.These amounts represent the Company’s pro-rata share of consolidated and unconsolidated investments.
|
|
|
Core Portfolio – Same Property Performance 1 |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
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|
Quarter Ended March 31, |
|
|
Change |
|
|
|
2025 |
|
|
2024 |
|
|
Favorable/
(Unfavorable) |
|
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Summary |
|
|
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|
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|
|
Minimum rents |
|
$ |
36,791 |
|
|
$ |
36,598 |
|
|
|
0.5 |
% |
Expense reimbursements |
|
|
9,739 |
|
|
|
9,099 |
|
|
|
7.0 |
% |
Other property income |
|
|
1,106 |
|
|
|
748 |
|
|
|
47.9 |
% |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
47,636 |
|
|
|
46,445 |
|
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
Property operating - CAM & Real estate taxes |
|
|
12,422 |
|
|
|
12,566 |
|
|
|
1.1 |
% |
Other property operating (Non-CAM) |
|
|
1,373 |
|
|
|
1,376 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
13,795 |
|
|
|
13,942 |
|
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
Same Property NOI - Core properties |
|
$ |
33,841 |
|
|
$ |
32,503 |
|
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Same Property NOI to Core NOI |
|
|
|
|
|
|
|
|
|
NOI of Properties excluded from Same Property NOI |
|
|
2,889 |
|
|
|
3,451 |
|
|
|
|
Core NOI |
|
$ |
36,730 |
|
|
$ |
35,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other same property information |
|
|
|
|
|
|
|
|
|
Physical Occupancy at the end of the period |
|
|
91.6 |
% |
|
|
92.0 |
% |
|
|
|
Leased Occupancy at the end of the period |
|
|
95.5 |
% |
|
|
94.7 |
% |
|
|
|
1.The above amounts include the pro-rata share of the Company's Core consolidated and unconsolidated investments.
|
|
|
Fee Income Detail 1 |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund II |
|
|
Fund III |
|
|
Fund IV |
|
|
Fund V |
|
|
Other 2 |
|
|
Total |
|
Quarter Ended March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset and property management fees |
|
$ |
93 |
|
|
$ |
22 |
|
|
$ |
504 |
|
|
$ |
2,150 |
|
|
$ |
706 |
|
|
$ |
3,475 |
|
Transactional fees |
|
|
27 |
|
|
|
36 |
|
|
|
150 |
|
|
|
1,771 |
|
|
|
88 |
|
|
|
2,072 |
|
Total fees |
|
$ |
120 |
|
|
$ |
58 |
|
|
$ |
654 |
|
|
$ |
3,921 |
|
|
$ |
794 |
|
|
$ |
5,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Fees are shown at the Company's pro-rata share and can be derived from the Consolidated Statements of Operations - Detail and Statements of Operations - Pro-Rata Adjustments. The components of the total fee income to the Company are derived by the fees included on the Consolidated Statements of Operations and the Company's share of fees from the Noncontrolling Interests in Consolidated Subsidiaries and the Company' share of fee income from Unconsolidated Subsidiaries. 2.Other includes fees generated from non-wholly owned joint ventures (within both Core and Investment Management) as well as third-party managed assets.
|
|
|
Structured Financing Portfolio |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Quarter Ended March 31, 2025 |
|
|
Stated |
|
|
Effective |
|
|
|
|
|
Principal |
|
|
Accrued |
|
|
Ending |
|
|
|
|
|
Repayments/ |
|
|
Current |
|
|
Accrued |
|
|
Ending |
|
|
Interest |
|
|
Interest |
|
|
Maturity |
Investment |
|
Balance |
|
|
Interest |
|
|
Balance |
|
|
Issuances |
|
|
Conversions |
|
|
Principal |
|
|
Interest |
|
|
Balance |
|
|
Rate |
|
|
Rate |
|
|
Dates 1,3 |
First mortgage notes 1,2 |
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,801 |
|
|
$ |
3,809 |
|
|
$ |
63,610 |
|
|
|
5.99 |
% |
|
|
6.39 |
% |
|
Sept 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other notes 2,4 |
|
|
135,518 |
|
|
|
52,160 |
|
|
|
187,678 |
|
|
|
18,324 |
|
5 |
|
(808 |
) |
|
|
153,034 |
|
|
|
57,181 |
|
|
|
210,215 |
|
|
|
11.36 |
% |
|
|
11.44 |
% |
|
July 2025 - Dec 2027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core notes receivable |
|
$ |
195,319 |
|
|
$ |
55,969 |
|
|
$ |
251,288 |
|
|
$ |
18,324 |
|
|
$ |
(808 |
) |
|
$ |
212,835 |
|
|
$ |
60,990 |
|
|
$ |
273,825 |
|
|
|
9.85 |
% |
|
|
10.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Notes Receivable to the Pro-Rata Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Notes Receivable per above |
|
|
$ |
212,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit loss 6 |
|
|
|
(2,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pro-rata Notes Receivable |
|
|
$ |
209,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.One Core note which matured on April 20, 2020 in the amount of $17.8 million with accrued interest of $3.8 million was in default at March 31, 2025.
2.Certain of the first mortgage notes and other notes enable the borrower to prepay or convert its obligations prior to the stated maturity date without penalty.
3.Certain first mortgage notes have extension options subject to customary conditions.
4.Includes one Core Portfolio note with an initial principal balance of $54.5 million that was extended to February 9, 2027. Refer to Footnote 3 in the Company’s 10-Q for the period ended March 31, 2025.
5.Represents the noncontrolling interest portion of a loan funded by the Company to the venture for a principal paydown of a third-party financing at the Renaissance Portfolio. Refer to Footnote 2 in the Company’s 10-Q for the period ended March 31, 2025.
6.Allowance for credit loss includes the $0.9 million allowance for credit loss related to the City Point Loan which is classified as redeemable noncontrolling interests in the Company’s consolidated financial statements in accordance with GAAP.
|
|
|
Transactional Activity |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY ACQUISITIONS AND DISPOSITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Date of
Transaction |
|
Transaction
Amount 1 |
|
|
Ownership % 2 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106 Spring Street (previously announced) |
|
New York, NY |
|
January 2025 |
|
$ |
55,137 |
|
|
|
100.00 |
% |
|
|
— |
|
|
$ |
55,137 |
|
73 Wooster Street (previously announced) |
|
New York, NY |
|
January 2025 |
|
|
25,459 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
25,459 |
|
Renaissance Portfolio (previously announced) |
|
Georgetown, Washington D.C. |
|
January 2025 |
|
|
245,700 |
|
|
|
48.00 |
% |
|
|
— |
|
|
|
117,936 |
|
95, 97 and 107 North 6th Street3 |
|
Brooklyn, NY |
|
April 2025 |
|
|
60,500 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
60,500 |
|
85 Fifth Avenue3 |
|
New York, NY |
|
April 2025 |
|
|
47,000 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
47,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
306,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Co-Investment Vehicles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pinewood Square4 |
|
Lake Worth, FL |
|
March 2025 |
|
|
68,207 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
68,207 |
|
TOTAL ACQUISITIONS |
|
|
|
|
|
$ |
502,003 |
|
|
|
|
|
$ |
— |
|
|
$ |
374,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRUCTURED FINANCING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Description |
|
Transaction Type |
|
Date of
Transaction |
|
Transaction
Amount |
|
|
Ownership % 2 |
|
|
Investment Management Share |
|
|
Acadia Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown Renaissance - NCI Holder 5 |
|
Other Loan |
|
January 2025 |
|
$ |
18,277 |
|
|
|
100.00 |
% |
|
$ |
— |
|
|
$ |
18,277 |
|
850 Third Avenue |
|
Mezzanine Loan |
|
April 2025 |
|
|
20,000 |
|
|
|
100.00 |
% |
|
|
— |
|
|
|
20,000 |
|
|
|
|
|
|
|
$ |
38,277 |
|
|
|
|
|
$ |
— |
|
|
$ |
38,277 |
|
1.Transaction amounts include capitalized costs, where applicable. Refer to Note 2 in the Company’s latest Form 10-Q or 10-K for further discussion of any such transactions.
2.Ownership percentages for those properties in Funds II, III, IV, and V within our Investment Management platform represent the respective Investment Management’s ownership, not the Company’s proportionate share.
3.Acquisitions that closed after March 31, 2025 do not reflect certain acquisitions costs that may be subsequently capitalized.
4.The Company intends to bring in a strategic institutional investor to complete the capitalization of this property. No assurances can be given that the Company will successfully identify and close on such a transaction.
5.Refer to Footnote 5 on the Structured Financing Portfolio page. The Company paid down approximately $57.1 million of an assumed mortgage within the Renaissance Portfolio. This amount represents its noncontrolling interest holders 32% share of such payment.
|
|
|
2025 Revised Guidance |
Supplemental Report – March 31, 2025 |
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
2025 Guidance |
|
|
|
Revised |
|
Prior1 |
|
|
|
|
|
|
|
Net earnings per share attributable to Common Shareholders |
|
$0.12 to $0.16 |
|
$0.22 to $0.27 |
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) |
|
1.00 |
|
0.96 |
|
Impairment charges (net of noncontrolling interest share) |
|
0.01 |
|
|
— |
|
Loss on change in control |
|
0.08 |
|
|
— |
|
Noncontrolling interest in Operating Partnership |
|
0.01 |
|
0.01 |
|
NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.22 to $1.26 |
|
$1.19 to $1.24 |
|
Net unrealized holding loss2 |
|
(0.01) |
|
|
— |
|
Funds from Operations Before Special Items and Realized Gains per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.21 to $1.25 |
|
$1.19 to $1.24 |
|
Realized gains and promotes3 |
|
0.11 to 0.14 |
|
0.11 to 0.15 |
|
Funds from Operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders |
|
$1.32 to $1.39 |
|
$1.30 to $1.39 |
|
________
1.The prior guidance range represents the amounts published on February 11, 2025 in connection with the Company's fourth quarter 2024 earnings release.
2.This represents the actual unrealized mark-to-market holdings gain related to the Company's investments, which was recognized in NAREIT FFO for the quarter ended March 31, 2025. The Company has not reflected any forward-looking estimates involving future unrealized holding gains or losses (i.e., changes in share price) on its investments in its 2025 guidance assumptions.
3.It is the Company's policy to exclude unrealized gains and losses from FFO Before Special items and to include realized gains related to the Company's investment in Albertsons. The Company did not realize any gains for the three months ended March 31, 2025. The Company reaffirms its prior guidance of $16-$19 million of realized gains and promotes. The per share difference between the revised and prior guidance relates to the increased number of shares.
9
|
|
|
Net Asset Valuation Information |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORE |
|
|
FUND II 3 |
|
|
FUND III |
|
|
FUND IV |
|
|
FUND V |
|
|
Other Co-Investment Vehicles 5 |
|
|
Total Investment Management |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Ownership Percentage |
|
N/A |
|
|
|
61.67 |
% |
|
|
24.54 |
% |
|
|
23.12 |
% |
|
|
20.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Quarter NOI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Pro-Rata 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income 2 |
|
$ |
36,730 |
|
|
N/A3 |
|
|
$ |
78 |
|
|
$ |
783 |
|
|
$ |
4,945 |
|
|
$ |
1,164 |
|
|
$ |
6,970 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating loss (income) from properties sold or assets held for sale |
|
|
— |
|
|
N/A3 |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
|
Net operating (income) loss from pre-stabilized assets, development and redevelopment projects 4 |
|
|
(1,793 |
) |
|
N/A 3 |
|
|
|
(123 |
) |
|
|
(180 |
) |
|
|
— |
|
|
|
— |
|
|
|
(303 |
) |
|
Net Operating Income of stabilized assets |
|
$ |
34,937 |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
603 |
|
|
$ |
4,945 |
|
|
$ |
1,164 |
|
|
$ |
6,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to Date (Pro-Rata) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets held for sale |
|
$ |
— |
|
|
N/A 3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Pre-stabilized assets 4 |
|
|
397,417 |
|
|
N/A 3 |
|
|
|
14,343 |
|
|
|
31,051 |
|
|
|
— |
|
|
|
— |
|
|
|
45,394 |
|
|
Development and redevelopment projects 6 |
|
|
463,900 |
|
|
N/A 3 |
|
|
|
7,900 |
|
|
|
27,800 |
|
|
|
— |
|
|
|
— |
|
|
|
35,700 |
|
|
Total Costs to Date |
|
$ |
861,317 |
|
|
N/A 3 |
|
|
$ |
22,243 |
|
|
$ |
58,851 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
81,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (Pro-Rata) |
|
$ |
903,308 |
|
|
$ |
79,886 |
|
|
$ |
8,098 |
|
|
$ |
33,254 |
|
|
$ |
147,341 |
|
|
$ |
30,350 |
|
|
$ |
298,929 |
|
|
1.This Net Asset Valuation Information page shows Acadia’s pro-rata portion of the Core and Investment Management Net Operating Income.
2.Does not include a full quarter of NOI for any assets purchased during the current quarter. See Transactional Activity page in this Supplemental Report for descriptions of those acquisitions. 3.Fund II has been substantially liquidated except for its investment in City Point. Amounts omitted as only remaining asset is City Point.
4.Pre-stabilized assets consist of the following projects for Core: Route 6 Mall, Mad River, 664 N. Michigan Avenue, 651-671 West Diversey, 2323-2409 Henderson Avenue, and City Center; Fund II: City Point; Fund III: 640 Broadway; Fund IV: 210 Bowery, 801 Madison, 27 E 61st Street and 1035 Third Avenue.
5.Other Co-investment vehicles currently include the Company’s ownership interest in Shops at Grand Avenue, Walk at Highwoods Preserve, the LINQ Promenade and Pinewood Square.
|
|
|
Selected Financial Ratios |
Supplemental Report – March 31, 2025 |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
|
Quarter Ended March 31, |
|
COVERAGE RATIOS 1 |
|
2025 |
|
|
2024 |
|
|
LEVERAGE RATIOS |
|
2025 |
|
|
2024 |
|
Fixed-Charge Coverage Ratios |
|
|
|
|
|
|
|
Debt/Market Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA2 divided by: |
|
$ |
57,129 |
|
|
$ |
44,310 |
|
|
Debt + Preferred Equity (Preferred OP Units) |
|
$ |
1,207,601 |
|
|
$ |
1,336,542 |
|
Interest expense |
|
|
12,739 |
|
|
|
9,452 |
|
|
Total Market Capitalization |
|
|
4,059,944 |
|
|
|
3,175,714 |
|
Principal Amortization |
|
|
1,513 |
|
|
|
2,442 |
|
|
Debt + Preferred Equity/ |
|
|
|
|
|
|
Preferred Dividends3 |
|
|
67 |
|
|
|
123 |
|
|
Total Market Capitalization |
|
|
30 |
% |
|
|
42 |
% |
Fixed-Charge Coverage Ratio - Core Portfolio and Investment Management |
|
|
4.0 |
x |
|
|
3.7 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt 4 |
|
$ |
1,165,904 |
|
|
$ |
1,320,824 |
|
Payout Ratios |
|
|
|
|
|
|
|
Total Market Capitalization |
|
|
4,059,944 |
|
|
|
3,175,714 |
|
|
|
|
|
|
|
|
|
Net Debt + Preferred Equity/ |
|
|
|
|
|
|
Dividends declared (per share/OP Unit) |
|
$ |
0.20 |
|
|
$ |
0.18 |
|
|
Total Market Capitalization |
|
|
29 |
% |
|
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Shares) & Distributions (OP Units) declared |
|
$ |
27,635 |
|
|
$ |
20,021 |
|
|
|
|
|
|
|
|
|
FFO 3 |
|
|
44,583 |
|
|
|
30,957 |
|
|
|
|
|
|
|
|
|
FFO Payout Ratio |
|
|
62 |
% |
|
|
65 |
% |
|
Debt/EBITDA Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO 3 |
|
|
36,756 |
|
|
|
37,265 |
|
|
Net debt 4 |
|
|
1,160,540 |
|
|
|
1,312,933 |
|
AFFO Payout Ratio |
|
|
75 |
% |
|
|
54 |
% |
|
EBITDA |
|
|
203,589 |
|
|
|
199,983 |
|
|
|
|
|
|
|
|
|
EBITDA excluding Realized Gains |
|
|
203,589 |
|
|
|
184,007 |
|
FFO Before Special Items |
|
|
43,437 |
|
|
|
36,966 |
|
|
Net Debt/EBITDA - Core and Investment Management |
|
|
5.7 |
x |
|
|
6.6 |
x |
FFO Before Special Items Payout Ratio |
|
|
64 |
% |
|
|
54 |
% |
|
Net Debt/EBITDA excluding Realized Gains - Core and Investment Management |
|
|
5.7 |
x |
|
|
7.1 |
x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
Year Ended |
|
|
Year Ended |
|
Reconciliation of EBITDA to Annualized EBITDA |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
Year to Date EBITDA as reported |
|
$ |
57,129 |
|
|
$ |
206,274 |
|
Add: Projected EBITDA 5 |
|
|
146,460 |
|
|
|
— |
|
Annualized EBITDA |
|
|
203,589 |
|
|
|
206,274 |
|
|
|
|
|
|
|
|
Year to Date Realized gain as reported |
|
|
— |
|
|
|
14,188 |
|
Year to Date EBITDA excluding realized gains |
|
$ |
203,589 |
|
|
$ |
192,086 |
|
Quarterly results are unaudited, although they reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of operating results for the interim periods. The coverage ratios include the Company's pro-rata share of FFO, AFFO, EBITDA, interest expense and principal amortization related to both the Company's consolidated and unconsolidated investments in joint ventures.
1.See EBITDA page in this Supplemental Report for a reconciliation of EBITDA to Net Income attributable to Acadia. 2.Represents preferred distributions on Preferred Operating Partnership Units.
4.Reflects debt net of the current Core Portfolio and pro-rata share of the Investment Management cash and restricted cash balance at end of period.
5.Annualized EBITDA does not include the annualized impact of acquisitions completed in the quarter or anticipated realized gains and promote.
|
|
|
Portfolio Debt – Summary |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Pro-Rata Share of Debt 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Portfolio |
|
|
Investment Management |
|
|
Total |
|
|
Reconciliation to Consolidated Debt as Reported |
|
Debt Type |
|
Principal
Balance |
|
|
WA Years
to
Maturity 6 |
|
|
Principal
Balance |
|
|
WA Years
to
Maturity 6 |
|
|
Principal
Balance |
|
|
WA Years
to
Maturity 6 |
|
|
Swap
Notional |
|
|
Adjusted
Debt Total |
|
|
Interest
Rate |
|
|
% |
|
|
Add:
Noncontrolling
Interest Share
of Debt 3 |
|
|
Less: Pro-rata
Share of
Unconsolidated
Debt 4 |
|
|
Acadia
Consolidated
Debt as
Reported |
|
Fixed-Rate Debt 1 |
|
$ |
272,198 |
|
|
|
3.7 |
|
|
$ |
21,856 |
|
|
|
2.8 |
|
|
$ |
294,054 |
|
|
|
3.6 |
|
|
|
884,388 |
|
|
|
1,178,442 |
|
|
|
|
|
|
98 |
% |
|
$ |
186,121 |
|
|
$ |
(135,114 |
) |
|
$ |
1,229,449 |
|
Variable-Rate Debt 5 |
|
|
631,110 |
|
|
|
3.2 |
|
|
|
277,073 |
|
|
|
1.2 |
|
|
|
908,183 |
|
|
|
2.6 |
|
|
|
(884,388 |
) |
|
|
23,795 |
|
|
|
|
|
|
2 |
% |
|
|
417,261 |
|
|
|
(36,232 |
) |
|
|
404,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
903,308 |
|
|
|
3.3 |
|
|
$ |
298,929 |
|
|
|
1.3 |
|
|
$ |
1,202,237 |
|
|
|
2.8 |
|
|
$ |
— |
|
|
$ |
1,202,237 |
|
|
|
5.0 |
% |
|
|
100 |
% |
|
$ |
603,382 |
|
|
$ |
(171,346 |
) |
|
|
1,634,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized premium |
|
|
|
|
|
|
|
|
|
|
|
|
1,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,922 |
|
Net unamortized loan costs |
|
|
|
|
|
|
|
|
|
|
|
|
(9,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,412 |
) |
Contingent loan obligation |
|
|
|
|
|
|
|
|
|
|
|
|
9,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,204,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,625,783 |
|
1.Fixed-rate debt includes notional principal fixed through swap transactions.
2.Represents the Company's pro-rata share of debt based on its percent ownership.
3.Represents the noncontrolling interest pro-rata share of consolidated partnership debt based on its percent ownership.
4.Represents the Company's pro-rata share of unconsolidated partnership debt based on its percent ownership.
5.Variable rate debt includes certain borrowings that are subject to interest rate cap agreements.
6.Based on debt maturity date without regard to available extension options.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Balance at |
|
|
Acadia's Pro-rata Share |
|
|
Interest |
|
|
|
Extension |
Property |
|
|
|
March 31, 2025 |
|
|
Percent |
|
|
Amount |
|
|
Rate |
|
Maturity Date |
|
Options |
The Walk at Highwoods Preserve |
|
IMP |
|
|
20,500 |
|
|
|
20.00 |
% |
|
|
4,100 |
|
|
SOFR+2.50% |
|
10/25/28 |
|
1x12 mos. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-Total Variable-Rate Debt |
|
|
|
|
1,165,697 |
|
|
|
|
|
|
277,073 |
|
|
|
|
|
|
|
Total Debt - Investment Management |
|
|
|
|
1,273,240 |
|
|
|
|
|
|
298,929 |
|
|
|
|
|
|
|
Total Debt - Core Portfolio and Investment Management |
|
|
|
$ |
2,276,826 |
|
|
|
|
|
$ |
1,202,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.The Company has hedged a portion of its variable-rate debt with multiple variable to fixed-rate swap agreements which have various maturities (see Swap Interest Rate Summary of this Supplemental report which highlights the notional and fixed base rate). The indicated maturity for each loan reflects the contractual maturity date of the loan without regard to the expiration of the related swap agreements. 2.The Company makes cash payments at a stated interest rate of 6.5% on the outstanding principal balance. Following the modification of the loan in December 2023, the effective interest rate for GAAP purposes is zero.
3.The interest rate on the unsecured revolving credit facility excludes a 20-basis point facility fee.
|
|
|
Future Debt Maturities 1 |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Portfolio |
|
Contractual Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
$ |
1,960 |
|
|
$ |
— |
|
|
$ |
1,960 |
|
|
$ |
1,724 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,724 |
|
|
N/A |
|
N/A |
2026 |
|
|
5,419 |
|
|
|
132,000 |
|
|
|
137,419 |
|
|
|
5,041 |
|
|
|
28,305 |
|
|
|
69,360 |
|
|
|
102,706 |
|
|
— |
|
1.55% |
2027 |
|
|
5,266 |
|
|
|
57,538 |
|
|
|
62,804 |
|
|
|
4,953 |
|
|
|
45,053 |
|
|
|
— |
|
|
|
50,006 |
|
|
4.91% |
|
N/A |
2028 |
|
|
1,900 |
|
|
|
520,363 |
|
|
|
522,263 |
|
|
|
1,866 |
|
|
|
70,361 |
|
|
|
450,000 |
|
|
|
522,227 |
|
|
4.10% |
|
1.51% |
2029 |
|
|
1,887 |
|
|
|
246,338 |
|
|
|
248,225 |
|
|
|
1,539 |
|
|
|
97,088 |
|
|
|
111,383 |
|
|
|
210,010 |
|
|
5.53% |
|
1.88% |
Thereafter |
|
|
1,295 |
|
|
|
29,620 |
|
|
|
30,915 |
|
|
|
1,295 |
|
|
|
15,340 |
|
|
|
— |
|
|
|
16,635 |
|
|
5.72% |
|
N/A |
Total |
|
$ |
17,727 |
|
|
$ |
985,859 |
|
|
$ |
1,003,586 |
|
|
$ |
16,418 |
|
|
$ |
256,147 |
|
|
$ |
630,743 |
|
|
$ |
903,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
Contractual Debt Maturities |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
$ |
4,806 |
|
|
$ |
530,310 |
|
|
$ |
535,116 |
|
|
$ |
930 |
|
|
$ |
— |
|
|
$ |
162,259 |
|
|
$ |
163,189 |
|
|
N/A |
|
2.66% |
2026 |
|
|
4,466 |
|
|
|
115,618 |
|
|
|
120,084 |
|
|
|
852 |
|
|
|
2,992 |
|
|
|
19,858 |
|
|
|
23,702 |
|
|
3.75% |
|
2.46% |
2027 |
|
|
6,120 |
|
|
|
463,257 |
|
|
|
469,377 |
|
|
|
1,133 |
|
|
|
— |
|
|
|
81,639 |
|
|
|
82,772 |
|
|
N/A |
|
2.23% |
2028 |
|
|
486 |
|
|
|
148,177 |
|
|
|
148,663 |
|
|
|
93 |
|
|
|
18,302 |
|
|
|
10,871 |
|
|
|
29,266 |
|
|
5.97% |
|
2.18% |
2029 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
N/A |
Thereafter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
N/A |
Total |
|
$ |
15,878 |
|
|
$ |
1,257,362 |
|
|
$ |
1,273,240 |
|
|
$ |
3,008 |
|
|
$ |
21,294 |
|
|
$ |
274,627 |
|
|
$ |
298,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Does not include any applicable extension options or subsequent refinancing.
2.The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.
|
|
|
Future Debt Maturities – As Extended 1 |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Portfolio |
|
Extended Debt Maturities 1 |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
$ |
1,960 |
|
|
$ |
— |
|
|
$ |
1,960 |
|
|
$ |
1,724 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,724 |
|
|
N/A |
|
N/A |
2026 |
|
|
5,419 |
|
|
|
30,000 |
|
|
|
35,419 |
|
|
|
5,041 |
|
|
|
28,305 |
|
|
|
— |
|
|
|
33,346 |
|
|
— |
|
N/A |
2027 |
|
|
5,266 |
|
|
|
32,402 |
|
|
|
37,668 |
|
|
|
4,953 |
|
|
|
26,201 |
|
|
|
— |
|
|
|
31,154 |
|
|
5.57% |
|
N/A |
2028 |
|
|
1,900 |
|
|
|
169,862 |
|
|
|
171,762 |
|
|
|
1,866 |
|
|
|
17,862 |
|
|
|
119,360 |
|
|
|
139,088 |
|
|
4.40% |
|
1.57% |
2029 |
|
|
1,887 |
|
|
|
572,089 |
|
|
|
573,976 |
|
|
|
1,539 |
|
|
|
97,088 |
|
|
|
475,000 |
|
|
|
573,627 |
|
|
5.53% |
|
1.56% |
Thereafter |
|
|
1,295 |
|
|
|
181,506 |
|
|
|
182,801 |
|
|
|
1,295 |
|
|
|
86,692 |
|
|
|
36,382 |
|
|
|
124,369 |
|
|
4.32% |
|
1.95% |
Total |
|
$ |
17,727 |
|
|
$ |
985,859 |
|
|
$ |
1,003,586 |
|
|
$ |
16,418 |
|
|
$ |
256,148 |
|
|
$ |
630,742 |
|
|
$ |
903,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
Extended Debt Maturities 1 |
|
|
Acadia's Pro-Rata Share |
|
|
Weighted Average2 |
|
|
Scheduled |
|
|
|
|
|
|
|
|
Scheduled |
|
|
Fixed |
|
|
Variable |
|
|
|
|
|
Fixed- |
|
Variable- |
Year |
|
Amortization |
|
|
Maturities |
|
|
Total |
|
|
Amortization |
|
|
Maturities |
|
|
Maturities |
|
|
Total |
|
|
Rate Debt |
|
Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
$ |
4,806 |
|
|
$ |
167,124 |
|
|
$ |
171,930 |
|
|
$ |
930 |
|
|
$ |
— |
|
|
$ |
35,543 |
|
|
$ |
36,473 |
|
|
N/A |
|
2.60% |
2026 |
|
|
4,466 |
|
|
|
276,813 |
|
|
|
281,279 |
|
|
|
852 |
|
|
|
2,992 |
|
|
|
104,508 |
|
|
|
108,352 |
|
|
3.75% |
|
2.57% |
2027 |
|
|
6,120 |
|
|
|
293,786 |
|
|
|
299,906 |
|
|
|
1,133 |
|
|
|
— |
|
|
|
56,501 |
|
|
|
57,634 |
|
|
N/A |
|
2.63% |
2028 |
|
|
486 |
|
|
|
170,806 |
|
|
|
171,292 |
|
|
|
93 |
|
|
|
12,718 |
|
|
|
23,110 |
|
|
|
35,921 |
|
|
5.98% |
|
2.60% |
2029 |
|
|
— |
|
|
|
348,831 |
|
|
|
348,831 |
|
|
|
— |
|
|
|
5,585 |
|
|
|
54,964 |
|
|
|
60,549 |
|
|
5.95% |
|
2.10% |
Thereafter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N/A |
|
N/A |
Total |
|
$ |
15,878 |
|
|
$ |
1,257,360 |
|
|
$ |
1,273,238 |
|
|
$ |
3,008 |
|
|
$ |
21,295 |
|
|
$ |
274,626 |
|
|
$ |
298,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Includes the effect of all available extension options (subject to customary conditions), excludes any subsequent refinancing.
2.The amounts in the table reflect the all-in fixed rate for maturing debt with a fixed rate, and the spread above the applicable index (typically SOFR) on variable rate debt. The rate does not reflect the all-in rate for variable rate obligations. Refer to Swap Interest Rate Summary page for interest rate protection agreements that fix our variable rate debt.
.
|
|
|
Swap Interest Rate Summary 1 |
Supplemental Report – March 31, 2025 |
(in thousands) |
|
|
|
|
|
|
|
Maturity |
|
Acadia's Pro-rata
Notional Amount |
|
|
Weighted Average
Fixed SOFR (2) |
April 2025 |
|
$ |
8,522 |
|
|
2.6% |
June 2025 |
|
|
11,973 |
|
|
4.4% |
July 2025 |
|
|
2,596 |
|
|
4.3% |
October 2025 |
|
|
6,409 |
|
|
4.2% |
March 2026 |
|
|
5,413 |
|
|
4.5% |
April 2026 |
|
|
11,020 |
|
|
2.9% |
May 2026 |
|
|
3,208 |
|
|
3.5% |
October 2026 |
|
|
5,325 |
|
|
3.7% |
November 2026 |
|
|
73,512 |
|
|
4.5% |
December 2026 |
|
|
6,024 |
|
|
4.3% |
June 2027 |
|
|
5,020 |
|
|
3.4% |
July 2027 |
|
|
125,000 |
|
|
2.4% |
December 2027 |
|
|
118,291 |
|
|
2.7% |
March 2028 |
|
|
57,173 |
|
|
2.8% |
April 2028 |
|
|
50,000 |
|
|
3.3% |
November 2028 |
|
|
50,000 |
|
|
2.9% |
February 2029 |
|
|
50,000 |
|
|
2.5% |
June 2029 |
|
|
25,000 |
|
|
2.0% |
July 2029 |
|
|
25,000 |
|
|
2.6% |
October 2029 |
|
|
4,100 |
|
|
3.7% |
November 2029 |
|
|
36,750 |
|
|
3.8% |
December 2029 |
|
|
79,052 |
|
|
3.5% |
July 2030 |
|
|
125,000 |
|
|
2.8% |
|
|
|
|
|
|
Total |
|
$ |
884,388 |
|
|
3.0% |
1.Includes the Company's pro-rata share of consolidated and unconsolidated interest rate swaps to hedge against interest variability on Core and Investment Management debt.
2.Represents strike (fixed) rate on the swap that the Company pays in exchange for receiving SOFR.
1.Excludes properties under development, redevelopment and pre-stabilized, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy. 2.Represents the annual base rent paid to Acadia pursuant to a master lessee and does not reflect the rent paid by the retail tenants at the property.
3.The Company’s stated legal ownership is 49.99%. However, given the preferences embedded in its interests, the Company did not attribute any value to the 50.01% non-controlling interest holders.
4.Excludes 94,000 square feet of office GLA.
5.Anchor GLA includes a 97,300 square foot Wal-Mart store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
6.Anchor GLA includes a 157,616 square foot Target store which is not owned by the Company. This square footage has been excluded for calculating annualized base rent per square foot.
|
|
|
Core Portfolio – Top Tenants 1 |
Supplemental Report – March 31, 2025 |
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
Combined |
|
|
Percentage of Total 2 |
|
Tenant |
|
Stores |
|
|
GLA |
|
|
ABR |
|
|
GLA |
|
|
ABR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Target |
|
|
3 |
|
|
|
408,895 |
|
|
$ |
8,323,009 |
|
|
|
6.8 |
% |
|
|
5.0 |
% |
J. Crew Group 3 |
|
|
5 |
|
|
|
21,788 |
|
|
|
4,860,982 |
|
|
|
0.4 |
% |
|
|
2.9 |
% |
Lululemon |
|
|
3 |
|
|
|
16,289 |
|
|
|
4,013,459 |
|
|
|
0.3 |
% |
|
|
2.4 |
% |
Dick's Sporting Goods, Inc |
|
|
3 |
|
|
|
169,782 |
|
|
|
3,385,770 |
|
|
|
2.8 |
% |
|
|
2.1 |
% |
TJX Companies 4 |
|
|
9 |
|
|
|
252,043 |
|
|
|
3,105,924 |
|
|
|
4.2 |
% |
|
|
1.9 |
% |
Walgreens |
|
|
4 |
|
|
|
68,393 |
|
|
|
2,887,312 |
|
|
|
1.1 |
% |
|
|
1.7 |
% |
PetSmart, Inc. |
|
|
4 |
|
|
|
76,257 |
|
|
|
2,794,473 |
|
|
|
1.3 |
% |
|
|
1.7 |
% |
Trader Joe's |
|
|
3 |
|
|
|
40,862 |
|
|
|
2,628,360 |
|
|
|
0.7 |
% |
|
|
1.6 |
% |
Fast Retailing 5 |
|
|
2 |
|
|
|
32,013 |
|
|
|
2,513,797 |
|
|
|
0.5 |
% |
|
|
1.5 |
% |
ALO Yoga |
|
|
2 |
|
|
|
22,566 |
|
|
|
2,478,507 |
|
|
|
0.4 |
% |
|
|
1.5 |
% |
Albertsons Companies, Inc. 6 |
|
|
2 |
|
|
|
123,409 |
|
|
|
2,061,142 |
|
|
|
2.1 |
% |
|
|
1.2 |
% |
Bob's Discount Furniture |
|
|
2 |
|
|
|
68,793 |
|
|
|
2,027,670 |
|
|
|
1.2 |
% |
|
|
1.2 |
% |
Watches of Switzerland 7 |
|
|
2 |
|
|
|
13,863 |
|
|
|
1,756,482 |
|
|
|
0.2 |
% |
|
|
1.1 |
% |
Royal Ahold 8 |
|
|
2 |
|
|
|
103,125 |
|
|
|
1,711,582 |
|
|
|
1.7 |
% |
|
|
1.0 |
% |
Ulta Salon Cosmetics & Fragrance |
|
|
3 |
|
|
|
31,497 |
|
|
|
1,550,756 |
|
|
|
0.5 |
% |
|
|
0.9 |
% |
The Home Depot, Inc. |
|
|
2 |
|
|
|
187,914 |
|
|
|
1,345,020 |
|
|
|
3.1 |
% |
|
|
0.9 |
% |
Citibank |
|
|
4 |
|
|
|
16,160 |
|
|
|
1,337,924 |
|
|
|
0.3 |
% |
|
|
0.8 |
% |
Gap, Inc. 9 |
|
|
2 |
|
|
|
37,895 |
|
|
|
1,329,165 |
|
|
|
0.6 |
% |
|
|
0.8 |
% |
Michaels Stores, Inc. |
|
|
2 |
|
|
|
45,285 |
|
|
|
1,283,810 |
|
|
|
0.8 |
% |
|
|
0.8 |
% |
Veronica Beard |
|
|
2 |
|
|
|
4,136 |
|
|
|
1,164,628 |
|
|
|
0.1 |
% |
|
|
0.8 |
% |
TOTAL |
|
|
61 |
|
|
|
1,740,965 |
|
|
$ |
52,559,772 |
|
|
|
29.2 |
% |
|
|
31.8 |
% |
1.In accordance with the Company's policy of not disclosing the terms of individual leases, this list does not include tenants that operate at only one Acadia Core location. The following tenants with single locations that would otherwise be included in our top 20 tenants are: Vuori (106 Spring), Lowe's (Brandywine), Kohl's (28 Jericho), Bang & Olufsen (121 Spring), Nordstrom Rack (State and Washington), and Vera Wang (991 Madison).
2.Totals may not foot due to rounding.
3.Madewell (4 locations), J.Crew Factory (1 location)
4.TJ Maxx (6 locations), HomeGoods (2 locations), Marshalls (1 location)
5.Uniqlo (1 location), Theory (1 location)
7.Grand Seiko (1 location), Betteridge Jewelers (1 location)
8.Stop and Shop (2 locations)
|
|
|
Core Portfolio – Lease Expirations |
Supplemental Report – March 31, 2025 |
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Street Tenants |
|
|
Anchor Tenants |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
M to M 1 |
|
|
1 |
|
|
|
1,977 |
|
|
|
0.2 |
% |
|
$ |
46.98 |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
2025 |
|
|
21 |
|
|
|
105,524 |
|
|
|
12.5 |
% |
|
|
93.14 |
|
|
|
11.5 |
% |
|
|
4 |
|
|
|
197,613 |
|
|
|
8.6 |
% |
|
|
18.41 |
|
|
|
10.0 |
% |
2026 |
|
|
27 |
|
|
|
84,585 |
|
|
|
10.0 |
% |
|
|
135.58 |
|
|
|
13.4 |
% |
|
|
10 |
|
|
|
424,984 |
|
|
|
18.4 |
% |
|
|
10.78 |
|
|
|
12.6 |
% |
2027 |
|
|
24 |
|
|
|
59,571 |
|
|
|
7.1 |
% |
|
|
122.85 |
|
|
|
8.5 |
% |
|
|
5 |
|
|
|
155,675 |
|
|
|
6.7 |
% |
|
|
21.38 |
|
|
|
9.1 |
% |
2028 |
|
|
20 |
|
|
|
197,528 |
|
|
|
23.4 |
% |
|
|
65.98 |
|
|
|
15.2 |
% |
|
|
11 |
|
|
|
483,822 |
|
|
|
20.9 |
% |
|
|
12.43 |
|
|
|
16.5 |
% |
2029 |
|
|
27 |
|
|
|
79,549 |
|
|
|
9.4 |
% |
|
|
110.08 |
|
|
|
10.2 |
% |
|
|
13 |
|
|
|
440,142 |
|
|
|
19.0 |
% |
|
|
14.92 |
|
|
|
18.0 |
% |
2030 |
|
|
14 |
|
|
|
90,245 |
|
|
|
10.7 |
% |
|
|
94.82 |
|
|
|
10.0 |
% |
|
|
5 |
|
|
|
178,985 |
|
|
|
7.7 |
% |
|
|
20.79 |
|
|
|
10.2 |
% |
2031 |
|
|
5 |
|
|
|
31,958 |
|
|
|
3.8 |
% |
|
|
87.80 |
|
|
|
3.3 |
% |
|
|
2 |
|
|
|
50,566 |
|
|
|
2.2 |
% |
|
|
16.97 |
|
|
|
2.4 |
% |
2032 |
|
|
15 |
|
|
|
57,505 |
|
|
|
6.8 |
% |
|
|
168.34 |
|
|
|
11.3 |
% |
|
|
1 |
|
|
|
12,250 |
|
|
|
0.5 |
% |
|
|
21.96 |
|
|
|
0.7 |
% |
2033 |
|
|
22 |
|
|
|
76,578 |
|
|
|
9.1 |
% |
|
|
116.22 |
|
|
|
10.4 |
% |
|
|
1 |
|
|
|
28,881 |
|
|
|
1.3 |
% |
|
|
14.50 |
|
|
|
1.1 |
% |
2034 |
|
|
7 |
|
|
|
16,179 |
|
|
|
1.9 |
% |
|
|
104.24 |
|
|
|
2.0 |
% |
|
|
1 |
|
|
|
21,804 |
|
|
|
0.9 |
% |
|
|
11.25 |
|
|
|
0.7 |
% |
Thereafter |
|
|
8 |
|
|
|
43,627 |
|
|
|
5.2 |
% |
|
|
81.41 |
|
|
|
4.1 |
% |
|
|
5 |
|
|
|
316,503 |
|
|
|
13.7 |
% |
|
|
21.50 |
|
|
|
18.7 |
% |
Total 2 |
|
|
191 |
|
|
|
844,825 |
|
|
|
100.0 |
% |
|
$ |
101.41 |
|
|
|
100.0 |
% |
|
|
58 |
|
|
|
2,311,225 |
|
|
|
100.0 |
% |
|
$ |
15.77 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
Total Vacant 2 |
|
|
|
158,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,905 |
|
|
|
|
|
|
|
|
|
|
Total Square Feet 2 |
|
|
|
1,003,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,681,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shop Tenants |
|
|
Total Tenants |
|
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
|
|
GLA |
|
|
ABR |
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
Percent |
|
Year |
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
PSF |
|
|
of Total |
|
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|
|
1 |
|
|
|
1,977 |
|
|
|
0.0 |
% |
|
$ |
46.98 |
|
|
|
0.1 |
% |
2025 |
|
|
32 |
|
|
|
104,853 |
|
|
|
10.3 |
% |
|
|
28.63 |
|
|
|
9.4 |
% |
|
|
57 |
|
|
|
407,990 |
|
|
|
9.8 |
% |
|
|
40.37 |
|
|
|
10.7 |
% |
2026 |
|
|
33 |
|
|
|
119,045 |
|
|
|
11.7 |
% |
|
|
26.52 |
|
|
|
9.9 |
% |
|
|
70 |
|
|
|
628,614 |
|
|
|
15.1 |
% |
|
|
30.55 |
|
|
|
12.5 |
% |
2027 |
|
|
36 |
|
|
|
136,781 |
|
|
|
13.4 |
% |
|
|
34.20 |
|
|
|
14.7 |
% |
|
|
65 |
|
|
|
352,027 |
|
|
|
8.4 |
% |
|
|
43.53 |
|
|
|
10.0 |
% |
2028 |
|
|
35 |
|
|
|
143,791 |
|
|
|
14.1 |
% |
|
|
35.35 |
|
|
|
15.9 |
% |
|
|
66 |
|
|
|
825,141 |
|
|
|
19.8 |
% |
|
|
29.24 |
|
|
|
15.7 |
% |
2029 |
|
|
32 |
|
|
|
131,388 |
|
|
|
12.9 |
% |
|
|
26.97 |
|
|
|
11.1 |
% |
|
|
72 |
|
|
|
651,078 |
|
|
|
15.6 |
% |
|
|
28.98 |
|
|
|
12.3 |
% |
2030 |
|
|
11 |
|
|
|
29,414 |
|
|
|
2.9 |
% |
|
|
40.05 |
|
|
|
3.7 |
% |
|
|
30 |
|
|
|
298,644 |
|
|
|
7.2 |
% |
|
|
45.06 |
|
|
|
8.7 |
% |
2031 |
|
|
15 |
|
|
|
81,283 |
|
|
|
8.0 |
% |
|
|
25.80 |
|
|
|
6.6 |
% |
|
|
22 |
|
|
|
163,807 |
|
|
|
3.9 |
% |
|
|
35.17 |
|
|
|
3.7 |
% |
2032 |
|
|
24 |
|
|
|
94,920 |
|
|
|
9.3 |
% |
|
|
33.15 |
|
|
|
9.9 |
% |
|
|
40 |
|
|
|
164,675 |
|
|
|
3.9 |
% |
|
|
79.53 |
|
|
|
8.5 |
% |
2033 |
|
|
21 |
|
|
|
85,791 |
|
|
|
8.4 |
% |
|
|
32.37 |
|
|
|
8.7 |
% |
|
|
44 |
|
|
|
191,250 |
|
|
|
4.6 |
% |
|
|
63.24 |
|
|
|
7.9 |
% |
2034 |
|
|
10 |
|
|
|
31,966 |
|
|
|
3.1 |
% |
|
|
29.84 |
|
|
|
3.0 |
% |
|
|
18 |
|
|
|
69,949 |
|
|
|
1.7 |
% |
|
|
41.26 |
|
|
|
1.9 |
% |
Thereafter |
|
|
18 |
|
|
|
60,975 |
|
|
|
6.0 |
% |
|
|
37.15 |
|
|
|
7.1 |
% |
|
|
31 |
|
|
|
421,105 |
|
|
|
10.1 |
% |
|
|
29.97 |
|
|
|
8.2 |
% |
Total 2 |
|
|
267 |
|
|
|
1,020,206 |
|
|
|
100.0 |
% |
|
$ |
31.25 |
|
|
|
100.0 |
% |
|
|
516 |
|
|
|
4,176,257 |
|
|
|
100.0 |
% |
|
$ |
36.88 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor GLA Owned by Tenants |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,916 |
|
|
|
|
|
|
|
|
|
|
Total Vacant 2 |
|
|
|
130,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
403,642 |
|
|
|
|
|
|
|
|
|
|
Total Square Feet 2 |
|
|
|
1,150,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,834,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Leases currently under month to month or in process of renewal.
2.Totals may not foot due to rounding.
|
|
|
Core Portfolio – New and Renewal Rent Spreads 1 |
Supplemental Report – March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
|
March 31, 2025 |
|
|
|
GAAP 2 |
|
|
Cash 3 |
|
New Leases |
|
|
|
|
|
|
Number of new leases executed |
|
|
3 |
|
|
|
3 |
|
GLA |
|
|
18,769 |
|
|
|
18,769 |
|
New base rent |
|
$ |
78.60 |
|
|
$ |
73.83 |
|
Previous base rent |
|
$ |
46.02 |
|
|
$ |
46.41 |
|
Average cost per square foot |
|
$ |
18.80 |
|
|
$ |
18.80 |
|
Weighted Average Lease Term (years) |
|
|
4.8 |
|
|
|
4.8 |
|
Percentage growth in base rent |
|
|
70.8 |
% |
|
|
59.1 |
% |
|
|
|
|
|
|
|
Renewal Leases |
|
|
|
|
|
|
Number of renewal leases executed |
|
|
13 |
|
|
|
13 |
|
GLA |
|
|
96,232 |
|
|
|
96,232 |
|
New base rent |
|
$ |
30.93 |
|
|
$ |
29.83 |
|
Expiring base rent |
|
$ |
24.70 |
|
|
$ |
27.77 |
|
Average cost per square foot |
|
$ |
— |
|
|
$ |
— |
|
Weighted Average Lease Term (years) |
|
|
6.6 |
|
|
|
6.6 |
|
Percentage growth in base rent |
|
|
25.2 |
% |
|
|
7.4 |
% |
|
|
|
|
|
|
|
Total New and Renewal Leases |
|
|
|
|
|
|
Number of new and renewal leases executed |
|
|
16 |
|
|
|
16 |
|
GLA commencing |
|
|
115,001 |
|
|
|
115,001 |
|
New base rent |
|
$ |
38.71 |
|
|
$ |
37.01 |
|
Expiring base rent |
|
$ |
28.18 |
|
|
$ |
30.81 |
|
Average cost per square foot |
|
$ |
3.07 |
|
|
$ |
3.07 |
|
Weighted Average Lease Term (years) |
|
|
6.3 |
|
|
|
6.3 |
|
Percentage growth in base rent |
|
|
37.4 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
1.Based on lease execution dates. Does not include leased square footage and costs related to first generation space and the Company's construction and/or redevelopment projects (see Development and Redevelopment Activity page of this Supplemental Report) in both new and renewal leases. Renewal leases include exercised options. 2.Rents are calculated on a straight-line ("GAAP") basis and do not incorporate above- or below-market lease adjustments.
3.Rents have not been calculated on a straight-line basis. Previous/expiring rent is that as of time of expiration. New rent is that which is paid at commencement.
|
|
|
Fund Overview |
Supplemental Report – March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I. KEY METRICS |
|
|
Fund II |
|
Fund III |
|
Fund IV |
|
Fund V |
|
Total |
General Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vintage |
|
|
|
Jun-2004 |
|
|
May-2007 |
|
|
May-2012 |
|
|
Aug-2016 |
|
|
|
Fund Size |
|
|
$ |
|
472.0 |
|
Million 2 |
|
$ |
|
502.5 |
|
Million |
|
$ |
|
540.6 |
|
Million |
|
$ |
|
520.0 |
|
Million |
|
$ |
|
2,035.1 |
|
Million |
Acadia's Commitment |
|
|
$ |
|
291.2 |
|
Million |
|
$ |
|
123.3 |
|
Million |
|
$ |
|
125.0 |
|
Million |
|
$ |
|
104.5 |
|
Million |
|
$ |
|
644.0 |
|
Million |
Acadia's Pro-Rata Share |
|
|
|
|
61.7 |
|
% 2 |
|
|
|
|
24.5 |
|
% |
|
|
|
|
23.1 |
|
% |
|
|
|
|
20.1 |
|
% |
|
|
|
|
31.6 |
|
% |
|
Acadia's Promoted Share 1 |
|
|
|
|
69.4 |
|
% |
|
|
|
|
39.6 |
|
% |
|
|
|
|
38.5 |
|
% |
|
|
|
|
36.1 |
|
% |
|
|
|
|
45.3 |
|
% |
|
Preferred Return |
|
|
|
|
8.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
|
6.0 |
|
% |
|
|
|
6.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current-Quarter, Fund-Level Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Contributions 2 |
|
|
$ |
|
559.4 |
|
Million |
|
$ |
|
448.1 |
|
Million |
|
$ |
|
506.0 |
|
Million |
|
$ |
|
478.8 |
|
Million |
|
$ |
|
1,992.3 |
|
Million |
Cumulative Net Distributions 3 |
|
|
$ |
|
172.9 |
|
Million |
|
$ |
|
603.5 |
|
Million |
|
$ |
|
221.4 |
|
Million |
|
$ |
|
156.8 |
|
Million |
|
$ |
|
1,154.6 |
|
Million |
Net Distributions/Contributions |
|
|
|
|
30.9 |
|
% |
|
|
|
|
134.7 |
|
% |
|
|
|
|
43.8 |
|
% |
|
|
|
|
32.7 |
|
% |
|
|
|
|
58.0 |
|
% |
|
Unfunded Commitment 4 |
|
|
$ |
|
0.0 |
|
Million |
|
$ |
|
1.9 |
|
Million |
|
$ |
|
24.0 |
|
Million |
|
$ |
|
41.2 |
|
Million |
|
$ |
|
67.1 |
|
Million |
Investment Period Closes |
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
Closed |
|
|
|
|
|
|
|
|
|
Currently in a Promote Position? (Yes/No) |
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. FEES & PRIORITY DISTRIBUTIONS EARNED BY ACADIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type: |
|
|
|
Applicable to |
|
|
Description |
Asset Management |
|
|
|
Fund II & III |
|
|
0% |
Asset Management 5 |
|
|
|
Fund IV |
|
|
0.75% of Implied Capital |
Asset Management 5 |
|
|
|
Fund V |
|
|
1.25% of Implied Capital |
Property Management |
|
|
|
All funds |
|
|
4.0% of gross property revenues |
Leasing |
|
|
|
All funds |
|
|
Market-rate leasing commissions |
Construction/Project Management |
|
|
|
All funds |
|
|
Market-rate fees |
Development |
|
|
|
Fund III, IV & V |
|
|
3.0% of total project costs |
|
|
|
|
|
1.Acadia's "Promoted Share" reflects Acadia's share of fund profits once all partners (including Acadia) have received a return of their cumulative contributions plus their cumulative preferred return. Acadia's Promoted Share equals a 20% promote plus Acadia's pro-rata share of the remaining 80%.
2.With regard to Fund II, the additional contributions over original Fund Size reflects prior-period distributions that were re-contributed to the Fund during 2016, 2020, 2021 and 2022 to fund the on-going redevelopment of existing Fund II investments along with an incremental $172 million of capital contributed in connection with the City Point recapitalization. Fund II contains one remaining investment, City Point.
3.Net of fees and promote.
4.Unfunded Commitments are set aside to complete leasing and development at existing fund investments. The Unfunded Commitment will not equal Fund Size less Cumulative Contributions in those instances where certain fund distributions have been marked as recallable or where the fund has released commitments due to, among other reasons, the closing of the fund's investment period or accelerated asset sales.
5.Implied Capital is Fund Size less capital attributed to sold investments or released.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
Fund |
|
Gross Leasable Area |
|
In Place Occupancy |
|
Leased |
|
Annualized |
|
|
Property |
|
Key Tenants |
|
Acquired |
|
Ownership % |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Street |
|
Anchors |
|
Shops |
|
Total |
|
Occupancy |
|
Base Rent (ABR) |
|
ABR PSF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia Share of Total Investment Management Properties |
|
32,709 |
|
1,172,459 |
|
934,374 |
|
2,139,541 |
|
80.0% |
|
98.3% |
|
85.0% |
|
92.2% |
|
94.1% |
|
$44,431,828 |
|
$22.53 |
1.Excludes properties under development, see Development and Redevelopment Activity page of this Supplemental Report. The above in place occupancy and rent amounts only include spaces where leases have commenced. Leased occupancy includes spaces for which leases have been signed and not yet commenced. ABR and ABR per square foot correlates to in place occupancy. 2.In place occupancy excludes short-term percentage rent.
3.Property also includes 12,371 sf of 2nd floor office space and 29,760 sf parking garage (13 spaces).
4.Property also includes 93,259 sf of office space.
5.Other co-investment vehicles ownership percentages are presented at our pro rata share.
|
|
|
Investment Management Lease Expirations |
Supplemental Report – March 31, 2025 |
(Pro-Rata Basis) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CO-INVESTMENT VEHICLES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLA |
|
|
|
|
|
ABR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases |
|
|
Expiring |
|
|
Percent |
|
|
|
|
|
|
|
|
Percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiring |
|
|
SF |
|
|
of Total |
|
|
Amount |
|
|
PSF |
|
|
of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M to M 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
11 |
|
|
|
9,230 |
|
|
|
3.5 |
% |
|
|
437,208 |
|
|
|
47.37 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
|
11 |
|
|
|
24,334 |
|
|
|
9.3 |
% |
|
|
719,894 |
|
|
|
29.58 |
|
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2027 |
|
|
20 |
|
|
|
37,352 |
|
|
|
14.4 |
% |
|
|
1,098,020 |
|
|
|
29.40 |
|
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2028 |
|
|
21 |
|
|
|
78,810 |
|
|
|
30.3 |
% |
|
|
1,627,105 |
|
|
|
20.65 |
|
|
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2029 |
|
|
23 |
|
|
|
36,151 |
|
|
|
13.9 |
% |
|
|
2,029,418 |
|
|
|
56.14 |
|
|
|
26.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2030 |
|
|
12 |
|
|
|
37,029 |
|
|
|
14.2 |
% |
|
|
828,998 |
|
|
|
22.39 |
|
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2031 |
|
|
2 |
|
|
|
2,038 |
|
|
|
0.8 |
% |
|
|
139,298 |
|
|
|
68.34 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2032 |
|
|
1 |
|
|
|
1,945 |
|
|
|
0.7 |
% |
|
|
68,075 |
|
|
|
— |
|
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2033 |
|
|
6 |
|
|
|
25,118 |
|
|
|
9.7 |
% |
|
|
539,194 |
|
|
|
21.47 |
|
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2034 |
|
|
6 |
|
|
|
7,999 |
|
|
|
3.1 |
% |
|
|
221,297 |
|
|
|
27.66 |
|
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thereafter |
|
|
1 |
|
|
|
287 |
|
|
|
0.1 |
% |
|
|
8,670 |
|
|
|
30.17 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2 |
|
|
114 |
|
|
|
260,294 |
|
|
|
100.0 |
% |
|
$ |
7,717,177 |
|
|
$ |
29.65 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,690 |
|
|
Total Vacant 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263,984 |
|
|
Total Square Feet 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.Leases currently under month to month or in process of renewal.
2.Totals may not foot due to rounding.
|
|
|
Development and Redevelopment Activity |
Supplemental Report – March 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acadia's Pro-rata Share (in millions) |
Property |
|
AKR Pro-rata share |
|
Location |
|
Estimated Stabilization |
|
Est. Sq ft Upon Completion |
|
|
Costs prior to development / redevelopment |
|
|
Incurred costs since development / redevelopment |
|
|
Total Costs to Date |
|
|
Estimated Future Range |
|
|
Estimated Total Range |
|
|
CORE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henderson Avenue Expansion(1) |
|
100.0% |
|
Dallas, TX |
|
2027/2028 |
|
|
176,000 |
|
|
$ |
23.1 |
|
|
$ |
30.7 |
|
|
$ |
53.8 |
|
|
$ |
14.7 |
|
|
$ |
114.7 |
|
|
$ |
68.5 |
|
|
$ |
168.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555 9th Street |
|
100.0% |
|
San Francisco, CA |
|
TBD |
|
|
149,000 |
|
|
|
141.7 |
|
|
|
14.5 |
|
|
|
156.2 |
|
|
|
10.5 |
|
|
|
20.5 |
|
|
|
166.7 |
|
|
|
176.7 |
|
|
840 N. Michigan Avenue |
|
94.4% |
|
Chicago, IL |
|
TBD |
|
|
87,000 |
|
|
|
156.4 |
|
|
|
0.2 |
|
|
|
156.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
Brandywine Holdings |
|
100.0% |
|
Wilmington, DE |
|
2026 |
|
|
138,000 |
|
|
|
24.0 |
|
|
|
0.3 |
|
|
|
24.3 |
|
|
|
9.8 |
|
|
|
11.8 |
|
|
|
34.1 |
|
|
|
36.1 |
|
|
Westshore Expressway |
|
100.0% |
|
Staten Island, NY |
|
TBD |
|
|
55,000 |
|
|
|
18.6 |
|
|
|
— |
|
|
|
18.6 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
Mark Plaza |
|
100.0% |
|
Edwardsville, PA |
|
TBD |
|
|
107,000 |
|
|
|
3.7 |
|
|
|
— |
|
|
|
3.7 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
Bedford Green |
|
100.0% |
|
Bedford Hills, NY |
|
TBD |
|
|
91,000 |
|
|
|
50.7 |
|
|
|
— |
|
|
|
50.7 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
Total Core Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
395.1 |
|
|
$ |
15.0 |
|
|
$ |
410.1 |
|
|
$ |
20.3 |
|
|
$ |
32.3 |
|
|
$ |
200.8 |
|
|
$ |
212.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
418.2 |
|
|
$ |
45.7 |
|
|
$ |
463.9 |
|
|
$ |
35.0 |
|
|
$ |
147.0 |
|
|
$ |
269.3 |
|
|
$ |
381.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT MANAGEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND III |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broad Hollow Commons |
|
24.5% |
|
Farmingdale, NY |
|
2026/2027 |
|
TBD |
|
|
$ |
3.0 |
|
|
$ |
4.9 |
|
|
$ |
7.9 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redevelopment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUND IV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
717 N. Michigan Avenue |
|
23.1% |
|
Chicago, IL |
|
TBD |
|
TBD |
|
|
|
26.9 |
|
|
|
0.9 |
|
|
|
27.8 |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
TBD |
|
|
Total Investment Management Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
29.9 |
|
|
$ |
5.8 |
|
|
$ |
35.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Core and Investment Management Development and Redevelopment |
|
|
|
|
|
|
|
|
|
|
$ |
448.1 |
|
|
$ |
51.5 |
|
|
$ |
499.6 |
|
|
$ |
35.0 |
|
|
$ |
147.0 |
|
|
$ |
269.3 |
|
|
$ |
381.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Stabilized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Point (Fund II) |
|
61.7% |
|
Brooklyn, NY |
|
2025/2026 |
|
|
536,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
640 Broadway (Fund III) |
|
24.5% |
|
New York, NY |
|
2025 |
|
|
4,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210 Bowery (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
801 Madison (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
2,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 E 61st Street (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
4,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1035 Third Avenue (Fund IV) |
|
23.1% |
|
New York, NY |
|
2025 |
|
|
7,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
651-671 West Diversey (Core) |
|
100.0% |
|
Chicago, IL |
|
2026/2027 |
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Route 6 Mall (Core) |
|
100.0% |
|
Honesdale, PA |
|
2026 |
|
|
154,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mad River (Core) |
|
100.0% |
|
Dayton, OH |
|
2027 |
|
|
126,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
664 N. Michigan Avenue (Core) |
|
100.0% |
|
Chicago, IL |
|
2026 |
|
|
17,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2323-2409 Henderson Avenue (Core) |
|
100.0% |
|
Dallas, TX |
|
2026 |
|
|
38,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City Center (Core) |
|
100.0% |
|
San Francisco, CA |
|
2026 |
|
|
241,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.The Company intends to partner with Ignite-Rebees DevCo LLC, and expects to retain a controlling 95% interest.
|
|
|
Important Notes |
Supplemental Report – March 31, 2025 |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this supplemental disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 and as such may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative thereof or other variations thereon or comparable terminology. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. These risks and uncertainties should be considered in evaluating any forward-looking statements contained or incorporated by reference herein.
USE OF FUNDS FROM OPERATIONS AS NON-GAAP FINANCIAL MEASURE
The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) to be an appropriate supplemental disclosure of operating performance for an equity REIT due to its widespread acceptance and use within the REIT and analyst communities. FFO is presented to assist investors in analyzing the performance of the Company. It is helpful as it excludes various items included in net income that are not indicative of the operating performance, such as gains (or losses) from sales of property and depreciation and amortization. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding (i) gains (or losses) from sales of depreciated properties; (ii) depreciation and amortization; (iii) impairment of depreciable real estate properties; (iv) gains (losses) from change in control and (v) after adjustments for unconsolidated partnerships and joint ventures. Also consistent with NAREIT’s definition of FFO, the Company has elected to include the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons in FFO.
The Company also provides another supplemental disclosure of operating performance, adjusted funds from operations (“AFFO”). The Company defines AFFO as FFO adjusted for straight line rent, non-real estate depreciation, stock-based compensation, amortization of finance costs and costs of management contracts, tenant improvements, leasing commissions and capital expenditures.
The Company may also provide from time to time another supplemental disclosure of operating performance, FFO Before Special Items. The Company defines FFO Before Special Items as FFO adjusted for certain unusual items including (i) charges, income and gains that management believes are not comparable and indicative of the results of the Company’s operating real estate portfolio; (ii) the impact of the unrealized holding gains (losses) incidental to its main business, including those related to its RCP investments such as Albertsons and (iii) any realized income or gains from the Company’s investment in Albertsons.
It should be noted that the Company’s methods of calculating FFO, AFFO or FFO Before Special Items may be different from methods used by other REITs and, accordingly, may not be comparable to such metrics used by other REITs. FFO, AFFO and FFO Before Special Items do not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. None of these measures should be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
USE OF NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures such as EBITDA, NOI, same-property NOI and lease spreads are widely used financial measures in many industries, including the REIT industry, and are presented to assist investors and analysts in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA as the sum of net income before extraordinary items plus interest expense, depreciation, income taxes and amortization, less any gains (losses including impairment charges) on the sale of income producing properties. The Company computes NOI by taking the difference between Property Revenues and Property Expenses as detailed in this reporting supplement. Same-property NOI includes properties in our Core Portfolio that we owned for both the current and prior periods presented, but excludes those properties which we acquired, sold or expected to sell, and redeveloped during these periods. The Company’s method of calculating EBITDA, NOI and same-property NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA, NOI and same-property NOI do not represent cash generated from operations as defined by GAAP and are not indicative of cash available to fund all cash needs, including distributions. They should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.
