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Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Acadia Realty Trust

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CIK: 899629 Ticker: AKR
Exhibit 99.1
 
Acadia Realty Trust Reports Fourth Quarter and Full Year 2011 Operating Results
 
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--February 7, 2012--Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter and year ended December 31, 2011. All per share amounts are on a fully diluted basis.
 
Fourth Quarter and Full Year 2011 Highlights
 
Earnings - Consistent With Guidance
 
 
·
Funds from operations (“FFO”) of $0.25 per share for fourth quarter 2011 and $0.97 for full year 2011
 
 
·
Earnings per share (“EPS”) from continuing operations of $0.09 for fourth quarter 2011 and $0.49 for full year 2011
 
Core Portfolio – Acquisition Pipeline and Re-anchoring Progress
 
 
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During fourth quarter, entered into contracts to acquire two properties aggregating approximately $22.7 million
 
 
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Year-to-date closed on $73.8 million of approximately $181.1 million of acquisitions under contract
 
 
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Re-anchoring progress continues on three core portfolio re-anchoring projects which are 77% leased on an aggregate basis at year-end 2011
 
 
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December 31, 2011 physical occupancy of 89.8%; leased occupancy of 92.7% including executed re-anchoring leases
 
 
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Excluding the impact of re-anchoring activities, same store net operating income (“NOI”) for the fourth quarter up 1.3% compared to 2010; including this impact, same store NOI decreased 4.7%
 
Opportunity Funds – Fund III Acquisition Pipeline; Fund I Continues Monetization
 
 
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Fund III acquired three properties during fourth quarter for an aggregate purchase price of $46.5 million
 
 
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Year-to-date, Fund III closed on $139.8 million of approximately $171.3 million of acquisitions under contract
 
 
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During fourth quarter, Fund I sold 16 properties for an aggregate gross sales price of $19.8 million which generated a net gain of $4.0 million, net of noncontrolling interests’ share
 
Balance Sheet – Securing Capital to Fund Acquisition Pipelines
 
 
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Raised approximately $45.0 million of net proceeds during the fourth quarter from public equity offering
 
 
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During the fourth quarter, repurchased $24.0 million of the Company’s outstanding convertible debt
 
 
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Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.0x at December 31, 2011
 
 
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Combined Net Debt to Total Market Capitalization of 27% at December 31, 2011
 
 
·
Cash on hand and availability under current credit facilities of $126 million at December 31, 2011
 
 
 
The following information was filed by Acadia Realty Trust (AKR) on Thursday, February 9, 2012 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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SEC Filing Tools
Ticker: AKR
CIK: 899629
Form Type: 10-K Annual Report
Accession Number: 0001445305-12-000495
Submitted to the SEC: Tue Feb 28 2012 2:40:11 PM EST
Accepted by the SEC: Tue Feb 28 2012
Period: Saturday, December 31, 2011
Industry: Real Estate Investment Trusts

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