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
- 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%
- 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
- 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
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