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Acadia Realty Trust Reports Fourth Quarter and Full Year 2008 Operating Results
NEW YORK--(BUSINESS WIRE)--February 11, 2009--Acadia Realty Trust (NYSE: AKR – “Acadia” or the “Company”), a real estate investment trust (“REIT”), today reported operating results for the quarter and year ended December 31, 2008. All per share amounts discussed below are on a fully diluted basis.
Fourth Quarter 2008 Highlights
Earnings – 2008 fourth quarter FFO of $0.12 and EPS of $(0.12)
- Funds from operations (“FFO”) per share of $0.12 for the fourth quarter 2008 compared to $0.29 for fourth quarter 2007, as adjusted, and FFO of $1.16 for the year ended December 31, 2008 compared to $1.26 for the year ended December 31, 2007, as adjusted
- Adjusting to disregard the shares issued in connection with the payment of a special dividend in January 2009, 2008 FFO of $1.20 was in the upper half of previous guidance
- (Loss) earnings per share (“EPS”) from continuing operations for fourth quarter 2008 of $(0.12) compared to $0.09 for fourth quarter 2007 and EPS of $0.58 for the year ended December 31, 2008 compared to $0.50 for the year ended December 31, 2007
Balance sheet – Strong liquidity and limited exposure to maturities
- Cash on hand and availability under current facilities totaling $117 million at December 31, 2008
- No loan maturities (including extension options) in core portfolio until December 2011
- Purchased $8.0 million in principal amount of the Company’s outstanding convertible debt at a 25% discount
- Continued regular $0.21 quarterly cash dividend
- Declared a $0.55 special dividend payable 90% in shares and 10% in cash as a result of non-core property dispositions
The following information was filed by Acadia Realty Trust (AKR) on Friday, February 13, 2009 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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