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Exhibit 99.1
Acadia Realty Trust Reports Fourth Quarter and Full Year 2010 Operating Results
NEW YORK--(BUSINESS WIRE)--February 8, 2011--Acadia Realty Trust (NYSE:AKR), today reported operating results for the quarter and year ended December 31, 2010. All per share amounts are on a fully diluted basis.
Fourth Quarter and Full Year 2010 Highlights
Earnings Consistent With Guidance
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Funds from operations (“FFO”) per share of $0.30 for fourth quarter 2010 and $1.23 for full year 2010
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Earnings per share (“EPS”) from continuing operations for fourth quarter 2010 of $0.17 and $0.74 for full year 2010
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Core Portfolio
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Current occupancy of 91.5% increased 30 basis points from third quarter 2010
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Same store net operating income (“NOI”) decreased 0.9% for the full year and decreased 1.3% for the fourth quarter 2010 compared to 2009
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Balance Sheet
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Core portfolio debt, net of cash on hand (“Net Debt”) to EBIDTA ratio of 3.9x
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Net Debt to Total Market Capitalization of 32%
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Cash on hand and availability under current credit facilities of $145 million at December 31, 2010
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External Growth Initiatives
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Fund III acquired White City Shopping Center for $56 million and has an additional acquisition under contract for approximately $52 million which is anticipated to close during the first quarter 2011
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BJ’s Wholesale Club opened at Fund II’s Canarsie Plaza, which is currently 85% leased
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Fund II received an $11.1 million distribution from its Albertsons investment, which has now realized a cumulative equity multiple of 3.4 x on its investment
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Fund II’s leasehold interest in the Neiman Marcus location at Oakbrook Center, which was held for sale as of year-end, was subsequently sold for $8.2 million, resulting in an unleveraged 16.5% IRR
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The following information was filed by Acadia Realty Trust (AKR) on Thursday, February 10, 2011 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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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: 0000930413-11-001472
Submitted to the SEC: Mon Feb 28 2011 4:58:39 PM EST
Accepted by the SEC: Mon Feb 28 2011
Period: Friday, December 31, 2010
Industry: Real Estate Investment Trusts
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