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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Acadia Realty Trust

CIK: 899629 Ticker: AKR
Exhibit 99.1
 
 
Acadia Realty Trust Reports Fourth Quarter and Full Year 2009 Operating Results
 
 
NEW YORK--(BUSINESS WIRE)--February 9, 2010--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter and year ended December 31, 2009. All per share amounts are on a fully diluted basis. The information presented below for 2008 has been adjusted as described in footnote 5 to the Financial Highlights tables.
 
Fourth Quarter and Full Year 2009 Highlights
 
Earnings – fourth quarter and full year FFO of $0.25 and $1.28, EPS of $0.12 and $0.75
 
 
·
Funds from operations (“FFO”) per share of $0.25 for the fourth quarter 2009 compared to $0.09 for fourth quarter 2008 and $1.28 for the year ended December 31, 2009 compared to $1.09 for the year ended December 31, 2008
 
 
·
Earnings (loss) per share (“EPS”) from continuing operations for fourth quarter 2009 of $0.12 compared to $(0.15) for fourth quarter 2008 and $0.75 for the year ended December 31, 2009 compared to $0.50 for the year ended December 31, 2008
 
Balance Sheet – Strong Liquidity and Limited Exposure to Maturities
 
 
·
No significant core portfolio debt maturities before December 2011 (including extension options) when $50 million balance of convertible notes are due
 
 
·
Cash on hand and availability under current facilities of approximately $130 million at year-end
 
 
·
Fixed-charge coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for the quarter ended December 31, 2009
 
 
·
Core portfolio debt yield of 13% and 17% on debt net of cash on hand
 
 
·
Raised approximately $65 million of net proceeds from public equity offering during 2009
 
 
·
To date purchased $65 million of face value of the Company’s outstanding convertible debt
 
Core Portfolio – Net Operating Income consistent with the upper end of 2009 forecast
 
 
·
Same store net operating income decreased 2.6% for the year and 3.6% for the quarter ended December 31, 2009 compared to the same periods in 2008
 
 
·
Year-end 2009 occupancy at 92.6% versus 92.5% at September 30, 2009
 
 
·
During the fourth quarter, sold non-core property, located in Northeast Pennsylvania, at a 7.4% capitalization rate
 

The following information was filed by Acadia Realty Trust (AKR) on Thursday, February 11, 2010 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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Acadia Realty Trust's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

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SEC Filing Tools
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0000930413-10-001152
Submitted to the SEC: Mon Mar 01 2010 1:58:55 PM EST
Accepted by the SEC: Mon Mar 01 2010
Period: Thursday, December 31, 2009
Industry: Real Estate Investment Trusts

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