Acadia Realty Trust (AKR) 10-K Annual Report February 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

Material Contracts, Statements, Certifications & more

Acadia Realty Trust provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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