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Acadia Realty Trust Reports Second Quarter 2012 Operating Results

Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter ended June 30, 2012. All per share amounts are on a fully diluted basis.

Second Quarter 2012 Highlights

Earnings

  • Funds from operations (“FFO”) of $0.27 per share for second quarter 2012
  • Earnings per share (“EPS”) from continuing operations of $0.14 for second quarter 2012

Core Portfolio – Acquisitions and Strong Portfolio Performance

  • During and subsequent to the second quarter, closed on four acquisitions in Chicago, Washington D.C. and New York (SoHo and Long Island) aggregating $81.2 million
  • Same store net operating income (“NOI”) for the second quarter up 4.9% compared to 2011; excluding the impact of re-anchoring activities, same store NOI increased 3.8%
  • June 30, 2012 physical portfolio occupancy of 92.6%; including leased space not yet open, leased occupancy was 94.6%

Opportunity Funds – Fund IV Commenced

  • During the quarter, completed the initial closing for Fund IV which is expected to ultimately range between $500.0 million to $550.0 million of total equity commitments
  • As previously announced, Fund III closed on a $31.5 million acquisition in Chicago during the second quarter
  • Fund III sold the ShopRite at Orchard Center (“White Oak Shopping Center”) during the second quarter for $13.8 million
  • During the quarter, Fund I sold the Tarrytown Shopping Center for $12.8 million
  • Fund II received a $2.3 million distribution from its Albertson’s investment during the second quarter

Balance Sheet – Match-Funding Core and Fund Acquisitions

  • Raised $46.8 million of net proceeds during second quarter 2012 from the at-the-market (“ATM”) equity program to fund acquisitions
  • Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.9x at June 30, 2012; 5.3x including pro-rata share of Opportunity Funds
  • Combined Net Debt to Total Market Capitalization of 28% at June 30, 2012

Second Quarter 2012 Operating Results

FFO and Net Income from Continuing Operations for the quarter ended June 30, 2012 were $12.2 million and $6.5 million, respectively, as compared to $9.6 million and $4.2 million, respectively, for the quarter ended June 30, 2011. For the six months ended June 30, 2012, FFO and Net Income from Continuing Operations were $21.5 million and $10.5 million, respectively, compared to $23.2 million and $12.4 million, respectively, for the six months ended June 30, 2011.

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