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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
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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
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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
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Balance Sheet – Strong Liquidity and
Limited Exposure to Maturities
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No
significant core portfolio debt maturities before December 2011 (including
extension options) when $50 million balance of convertible notes are
due
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Cash
on hand and availability under current facilities of approximately $130
million at year-end
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Fixed-charge
coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for the quarter ended
December 31, 2009
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Core
portfolio debt yield of 13% and 17% on debt net of cash on
hand
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Raised
approximately $65 million of net proceeds from public equity offering
during 2009
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To
date purchased $65 million of face value of the Company’s outstanding
convertible debt
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Core Portfolio – Net Operating Income
consistent with the upper end of 2009 forecast
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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
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Year-end
2009 occupancy at 92.6% versus 92.5% at September 30,
2009
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During
the fourth quarter, sold non-core property, located in Northeast
Pennsylvania, at a 7.4% capitalization
rate
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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.
View differences made from one year to another to evaluate Acadia Realty Trust's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Acadia Realty Trust.
Material Contracts, Statements, Certifications & more
Acadia Realty Trust provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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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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