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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Acadia Realty Trust

CIK: 899629 Ticker: AKR


Exhibit 99.1

ACADIA REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2013 OPERATING RESULTS

WHITE PLAINS, NY (February 12, 2014) -
Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter and year ended December 31, 2013. All per share amounts are on a fully diluted basis. Acadia’s core portfolio (“Core Portfolio”) as discussed below is comprised of properties that are owned in whole or in part by Acadia other than those it owns through its opportunity fund platform (the “Funds”).

Fourth Quarter and Full Year 2013 Highlights

Earnings

Funds from operations (“FFO”) of $0.27 per share for the fourth quarter and $1.20 for the full year, net of $0.04 of non-cash executive retirement and $0.06 of acquisition related costs for the year
Full year 2013 FFO per share represents a 15% increase over 2012 FFO of $1.04
Earnings per share (“EPS”) from continuing operations of $0.14 for the fourth quarter and $0.61 for the full year
The Company forecasts a 2014 range for FFO per share of $1.30 to $1.40 and EPS of $0.68 to $0.77

Dividend Increase

The Company increased its quarterly dividend 9.5%, from $0.21 to $0.23 for the fourth quarter 2013. This follows a 17% increase which was effective for the quarter ended March 31, 2013

Core Portfolio - $221 Million of Acquisitions and Strong Portfolio Performance

During and subsequent to the fourth quarter, Acadia closed on $100.0 million of acquisitions
Including the above activity, Acadia acquired $220.9 million of street retail properties located in Chicago, Manhattan and Washington D.C. for the full year 2013
Additional current pipeline under contract of $92.1 million
Same store net operating income (“NOI”) for the fourth quarter up 4.3% compared to 2012 and up 7.2% on a year-to-date basis
December 31, 2013 portfolio occupancy of 95.2%; 97.1% including leased space not yet occupied
In connection with Core Portfolio recycling activities, sold an A&P supermarket-anchored shopping center for $18.4 million during the fourth quarter

Fund Platform - Fund IV Completes Acquisitions, Fund II Monetization Continues

During 2013, Fund IV closed on $123.2 million in new acquisitions, including $57.3 million during the fourth quarter
During the fourth quarter, Fund II completed the sale of Fordham Place and Pelham Manor Shopping Plaza for $192.4 million

Balance Sheet - Achieving Growth While Maintaining Low Leverage

Core Portfolio debt, net of cash on hand and restricted cash related to financings (“Net Debt”), to EBITDA ratio of 4.3x at December 31, 2013; 4.9x including pro-rata share of Opportunity Funds
Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 24% at December 31, 2013
Issued $114.3 million of new equity at an average net share price of $26.92 during 2013 to fund Core and Fund acquisition activities

Fourth Quarter and Full Year 2013 Operating Results

FFO for the quarter and year ended December 31, 2013 was $15.1 million and $67.2 million, respectively, up from $14.7 million and $48.8 million for the quarter and year ended December 31, 2012.

FFO for the quarter ended December 31, 2013 of $0.27 per share included $0.04 of non-cash retirement and $0.02 of acquisition related costs and compares to $0.29 for the quarter ended December 31, 2012. FFO of $1.20 for the year ended December 31, 2013 includes an additional $0.04 of acquisition related costs and represents a 15% increase over 2012 of $1.04.
 



The following information was filed by Acadia Realty Trust (AKR) on Thursday, February 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation Reconciliation Of Accumulated Depreciation (details)
Schedule Iii - Real Estate And Accumulated Depreciation Reconciliation Of Real Estate Properties (details)
Schedule Iii - Real Estate And Accumulated Depreciation Schedule Of Real Estate And Accumulated Depreciation (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parentheticals)
Acquired Lease Intangibles
Acquired Lease Intangibles (details)
Acquired Lease Intangibles (tables)
Acquisition And Disposition Of Properties And Discontinued Operations
Acquisition And Disposition Of Properties And Discontinued Operations (tables)
Acquisition And Disposition Of Properties And Discontinued Operations Acquisitions (details)
Acquisition And Disposition Of Properties And Discontinued Operations Discontinued Operations (details)
Acquisition And Disposition Of Properties And Discontinued Operations Dispositions (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Convertible Notes Payable
Convertible Notes Payable (details)
Deferred Charges
Deferred Charges (details)
Deferred Charges (tables)
Dividends And Distributions Payable
Dividends And Distributions Payable (details)
Earnings Per Common Share
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
Employee 401(k) Plan
Employee 401(k) Plan (details)
Employee Share Purchase And Deferred Share Plan
Employee Share Purchase And Deferred Share Plan (details)
Federal Income Taxes
Federal Income Taxes (tables)
Federal Income Taxes Income And Provision For Income Taxes (details)
Federal Income Taxes Tax Reconciliation (details)
Federal Income Taxes Tax Status Of Dividends (details)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (tables)
Financial Instruments And Fair Value Measurements Fair Value By Balance Sheet Grouping (details)
Financial Instruments And Fair Value Measurements Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (details)
Investments In And Advances To Unconsolidated Affiliates
Investments In And Advances To Unconsolidated Affiliates (details)
Investments In And Advances To Unconsolidated Affiliates (tables)
Lease Obligations
Lease Obligations (details)
Lease Obligations (tables)
Mortgages And Other Notes Payable
Mortgages And Other Notes Payable (tables)
Mortgages And Other Notes Payable Scheduled Principal Repayments (details)
Mortgages And Other Notes Payable Secured Credit Facilities (details)
Mortgages And Other Notes Payable Summary Mortgage Notes Payable (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments (tables)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Allowance For Credit Losses On Notes Receivable (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Notes Receivable (details)
Notes Receivable, Preferred Equity, And Other Real Estate Related Investments Schedule Of Notes Receivable And Preferred Equity Investments Reconciliation (details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (tables)
Segment Reporting Balance Sheet (details)
Segment Reporting Income Statement (details)
Share Incentive Plan
Share Incentive Plan (tables)
Share Incentive Plan Schedule Of Options Activity (details)
Share Incentive Plan Schedule Of Unvested Shares And Ltip Units (details)
Share Incentive Plan Share Incentive Plan (details)
Shareholders' Equity And Noncontrolling Interests
Shareholders' Equity And Noncontrolling Interests (tables)
Shareholders' Equity And Noncontrolling Interests Common Shares (details)
Shareholders' Equity And Noncontrolling Interests Noncontrolling Interest (details)
Subsequent Events
Subsequent Events (details)
Summary Of Quarterly Financial Information
Summary Of Quarterly Financial Information (tables)
Summary Of Quarterly Financial Information Quarterly Financial Information Disclosure (details)
Tenant Leases
Tenant Leases (details)
Tenant Leases (tables)
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0000899629-14-000008
Submitted to the SEC: Wed Feb 26 2014 5:14:21 PM EST
Accepted by the SEC: Wed Feb 26 2014
Period: Tuesday, December 31, 2013
Industry: Real Estate Investment Trusts

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